The common European currency depreciated about 1.65% in values against the Japanese Yen since March 7. The currency pair tested the lower boundary of a descending channel pattern at 124.30 during Friday’s trading session.
The exchange rate breached a resistance level formed by the 50-hour simple moving average at 125.03 during the European trading session on Monday.
By and large, it is likely that the currency exchange rate aims for the upper boundary of the descending channel pattern at 125.91 during the following trading session.
Meanwhile, technical indicators flash sell signal both on the 4(H) and the daily time frames chart.
