The common European currency edged higher by 39 pips or 0.30% against the Japanese Yen on Wednesday. The currency pair breached the weekly R2 at 131.72 during Wednesday’s trading session.
Given that the exchange rate is currently trading above the 50– and 200– hour SMAs, bullish traders are likely to continue to pressure the EUR/JPY pair higher within this session.
However, the upper line of an ascending channel pattern could provide resistance for the currency exchange rate during the following trading session.
