The Eurozone single currency appreciated about 106 base points against the Japanese Yen on Tuesday. The exchange rate made a new high at 123.73 during yesterday’s trading session.

The currency pair is currently testing the 50-hour simple moving average at 123.06.

If the support level formed by the 50-hour SMA holds, a surge towards the monthly pivot point at 123.81 could be expected within this session.

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On the other hand, if the EUR/JPY currency exchange rate passes the support level, bears are likely to aim for the lower boundary of an ascending channel pattern at 122.59.

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