The Eurozone single currency declined by 33 pips or 0.26% against the Japanese Yen on Tuesday. The decline was stopped by the 200– hour SMA during the previous session.
The exchange rate bounced off a support cluster formed by the 50– and 200– hour SMAs and the weekly pivot point at 129.17 during the Asian session on Wednesday.
Most likely, the EUR/JPY pair could continue to edge higher during the following trading hours. A breakout through the upper line of an ascending channel pattern could occur.
However, buyers are likely to encounter a resistance level at 130.05 today.
