The 50– hour simple moving guided the Eurozone single currency against the Japanese Yen on Monday. The currency pair made about 65 basis points move or 0.52% during yesterday’s trading session.
The exchange rate bounced off from a support cluster formed by the 50– and 100– hour SMAs at 124.46. Most likely, the EUR/JPY pair could edge higher within this session. A breakout through the upper boundary of an ascending channel pattern might occur.
However, if the channel pattern holds, a decline towards the weekly pivot point at 124.02 could be expected today.
