The price movement of the single European currency against the Japanese Yen was guided by the 50-hour simple moving average on Tuesday.
The currency pair tested the 50-hour SMA during the first part of today’s session. The exchange rate breached the lower boundary of an ascending channel pattern during the UK’s trading session on Wednesday.
As for the near future, it is possible that the Euro move towards a support cluster at 124.74.
Although, if the 50-hour SMA holds, the currency exchange rate could aim for a swing high of 125.33 within the following trading hours.
