The common European currency continued to maintain a junior ascending channel pattern against the Japanese Yen on Tuesday. The 50-hour simple moving average provided support for the currency pair at 121.92 during yesterday’s trading session.
Given that the exchange rate is trading near the upper border of the channel pattern, a breakout could occur within this session.
If this breakout occurs, a surge towards a swing high at 122.40 could be expected within this session.
However, a resistance cluster formed by the combination of the weekly and the monthly PPs at 122.16 could provide resistance for the pair today.
