The Eurozone single currency declined by 43 pips or 0.34% against the Japanese Yen on Tuesday. The 50– hour simple moving average pressured the currency pair lower during yesterday’s trading session.
Wednesday’s trading session began with bullish momentum. A breakout occurred through the upper boundary of a descending channel pattern.
Given that a breakout has occurred, bullish traders are likely to continue to drive the exchange rate higher during the following trading session.
However, a resistance level at 126.88 could provide resistance for the currency exchange rate today.
