The common European currency traded with low volatility against the Japanese Yen on Tuesday. The currency pair was bouncing between the 50– and 200-hour SMAs during yesterday’s trading session.
The exchange rate breached the 200-hour simple moving average at 124.70 during the middle of Wednesday’s trading session.
It is likely that the currency exchange rate will continue moving in a narrow ascending channel during the following trading session.
Furthermore, technical indicators demonstrate that the EUR/JPY pair could continue to trade sideways today.
