The EUR/JPY currency pair bounced off the lower boundary of a descending channel pattern at 127.94 on Wednesday. As a result, the Eurozone single currency edged higher by 68 pips or 0.53% against the Japanese Yen.
Everything being equal, the exchange rate could edge higher within Thursday’s trading sessions. The potential target for bullish traders would be near the 200– hour simple moving average at 129.04.
However, buyers may resistance level formed by the daily pivot point at 128.80 within this session.
