The single European currency appreciated about 85 base points against the Japanese Yen on Monday. The currency pair broke a horizontal channel pattern during yesterday’s trading session.
After hitting a swing high of 125.79 on Tuesday morning, the exchange rate started to sink and by the middle of the day, the pair tested the 50-hour simple moving average at 125.75.
By and large, it is likely that the EUR/JPY currency exchange rate aims at the upper boundary of a junior ascending channel pattern at 126.60 during the following trading session.
