Since the past 24 hours, the common European currency has appreciated about 61 base points against the Japanese Yen. The currency pair tested a resistance cluster formed by the combination of the 200-hour simple moving average and the weekly pivot point at 122.16 during the morning hours of today’s trading session.
Most likely, the EUR/JPY exchange rate could make a pullback within this session. The potential downside target will be near the border of an ascending channel pattern at 121.60.
However, the 100-hour SMA at 121.73 could provide support for the currency exchange rate today.
