The Eurozone single currency depreciated about 53 base points against the Japanese Yen on Wednesday. The currency pair breached the lower boundary of an ascending channel pattern during the morning hours of today’s trading sessions.

The exchange rate bounced off the bottom border of the channel pattern at 121.71 during the European trading session on Thursday.

Most likely, the EUR/JPY pair could make an upward movement within this session. The potential target will be at the 122.14 area.

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Although, the 50-, 100– and 200-hour SMAs near the 121.95 regions might provide resistance for the currency exchange rate today.

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