The common European currency has been trading in a junior ascending channel pattern against the Japanese Yen since January 24. The pair tested the upper boundary of the channel pattern at the end of last week trading session.
The 50-hour simple moving average is currently providing support for the exchange rate at 124.66.
Everything being equal, it is likely that the currency exchange rate will continue to edge higher within this session. The potential upside target will be Friday’s swing high of 125.40.
Although, the rate could reverse from current price level and aim for the 200-hour SMA at 124.56.
