On Thursday, the common European currency edged higher by 36 pips or 0.28% against the Japanese Yen. The currency pair breached the 50– hour simple moving average during yesterday’s trading session.
Given that a breakout has occurred through the upper boundary of a descending channel pattern, bullish traders could continue to drive the EUR/JPY exchange rate higher during the following trading session.
However, the 200– hour SMA at 129.27 could provide resistance for the currency exchange rate within this session.
