The common European currency rose by 49 pips or 0.38% against the Japanese Yen on Tuesday. The currency pair tested the upper line of an ascending channel pattern at 128.40 during Tuesday’s trading session.
The exchange rate fell from the upper boundary of the channel pattern during the Asian session on Wednesday. Most likely, the EUR/JPY pair could continue to decline within this session.
However, the 50– hour simple moving average at 127.98 could provide support for the currency exchange rate during the following trading hours.
