The common European currency surged by 64 basis points or 0.55% against the Japanese Yen on Monday. The currency pair was pressured up by the 200– hour simple moving average during yesterday’s trading session.
The exchange rate bounced off the 200– hour SMA support level during the European session on Tuesday. Most likely, the EUR/JPY pair will edge higher today. The potential target would be at the 117.00 area.
However, the upper boundary of an ascending channel pattern could provide resistance for the currency exchange rate during the following trading session.
