The single European currency appreciated about 77 base points against the Japanese Yen on Tuesday. The currency pair broke a dominant descending channel during yesterday’s trading session.
The exchange rate began Wednesday’s session with an upside movement. The pair tested the upper boundary of a junior ascending channel during the Asian session.
Most likely, the currency exchange rate could aim for a support level formed by the 50-hour simple moving average at 125.24.
On the other hand, the pair might reverse from the current price level and dash through the junior ascending channel.
