A breakout occurred through the upper boundary of a junior descending channel pattern on Monday. The single European currency gained about 0.40% in values against the Japanese Yen.
The currency pair is currently moving towards the lower boundary of an ascending trendline and could be set for a second breakout.
If the EUR/JPY currency exchange rate passes the support level formed by the lower boundary of the uptrend line at 124.40, the next level will be at a swing low of 124.18.
However, if the support level holds, the pair could aim for a test of the 200-hour SMA at 124.96 within this session.
