The common European currency appreciated about 90 basis points against the Japanese Yen on Thursday. The currency pair tested the upper boundary of an ascending channel pattern at 121.50 during the previous trading session.
Everything being equal, the exchange rate will likely continue to trade in the ascending channel pattern today. The potential target for the pair would be at the 121.50 area.
On the contrary, the currency exchange rate might reverse from the current price level at 120.89 and make a brief retracement down towards the 120.08 regions during the following trading session.
