During Tuesday’s trading session, the Eurozone single currency was trading near the lower boundary of a medium-term ascending channel pattern. The 100-hour simple moving average provided support for the pair at 126.30.
As for the near future, it is expected that the 50– and 100-hour SMAs will drive the EUR/JPY exchange rate towards a resistance level formed by the weekly R1 at 127.08.
If the resistance level as mentioned above holds, the currency exchange rate will make a brief retracement towards the 126.63 region within this session.
