The single European currency has continued to trade in the newly formed ascending channel against the Japanese Yen. The currency pair tested the lower boundary of the channel pattern at the end of yesterday’s trading session.
The 50– and 200-hour SMAs was providing support for the exchange rate at 128.55 during the first half of Tuesday’s trading session.
If this support level holds, the currency exchange rate will aim at a resistance line at 129.12 today.
However, if the EUR/JPY currency pair passes the SMAs, a decline towards the 128.00 mark could be expected.
