The common European currency appreciated about 52 basis points against the Japanese Yen on Wednesday. A breakout occurred through the upper boundary of a descending channel pattern at 120.20 during yesterday’s trading session.
Given that a breakout had occurred, the EUR/JPY exchange rate will most likely to edge higher during the following trading session. The pair could target the 121.03 area.
On the contrary, the currency exchange rate could reverse from the current price level at 120.47 and aim for a support line at 120.23 within this session.
