The single European currency appreciated about 55 base points against the Japanese Yen on Wednesday. The currency pair breached the upper boundary of a dominant descending channel at 128.80 during the end of yesterday’s trading session.
Everything being equal, it is likely that the EUR/JPY currency pair continues its upside movement and potentially targeting the upper boundary of an ascending channel pattern at 129.500.
Technical indicators suggest that the movement is could happen before the close of trading session today.
