The single European currency appreciated about 60 base points against the Japanese Yen on Thursday. The currency pair tested the upper boundary of an ascending channel at 126.56 during yesterday’s trading session.

Given that the 50-, 100– and 200-hour SMAs are below the price level, it is likely that the exchange rate will continue its upside momentum during the following trading session.

The potential upside target in the shorter term will be near the weekly R1 at 126.76.

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If the resistance level as mentioned above holds, a decline towards the 50-hour simple moving average at 126.13 could follow.

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