The single European currency appreciated about 151 base points against the Japanese Yen on Friday. The currency pair tested a one-month high level of 125.30 during Friday’s trading session.
The exchange rate breached the lower boundary of an ascending channel pattern at 124.69 during the first half of Monday’s trading session.
Given that the currency exchange rate has breached the given channel pattern, it is likely that the pair will aim for a support cluster formed by the combination of the 200-hour simple moving average and the monthly PP at 124.45 today.
However, a support level set by the 50– and 100-hour SMAs at 124.52 could hinder such movement.
