The common European currency traded above the weekly S1 at 121.16 against the Japanese Yen on Wednesday. The currency pair bounced off the support level during the first half of today’s trading session.

Currently, the exchange rate is testing a resistance cluster formed by the combination of the 100-hour simple moving average and the upper boundary of a descending channel pattern at 121.62.

If the resistance line holds, the currency exchange rate could aim for a re-test of the weekly S1 at 121.16 today.

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However, if the EUR/JPY pair passes the upper border of the channel pattern, bullish traders might target the 200-hour SMA at 122.14 within this session.

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