During the previous trading session, the EUR/JPY exchange rate traded sideways around the 50-hour simple moving average at 121.77. The pair breached the descending channel pattern at 121.64.
The common European currency versus the Japanese Yen might aim for a resistance cluster formed by the combination of the 100– and 200-hour SMAs and the weekly pivot point at 122.23 within this session.
However, Note, that the currency exchange rate could continue to trade sideways today, because of the US bank holiday.
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