Upside risks have dominated the single European currency versus the Japanese Yen since June 21. A breakout occurred through the upper boundary of a descending channel pattern on Friday.
Everything being equal, it is likely that the EUR/JPY currency pair will edge lower today. The potential downside target will be near a support level formed by the 100-hour SMA at 121.60.
If this support level holds, the currency exchange rate will continue its upward swing during the following trading session.
