The common European currency has appreciated about 82 basis points against the Japanese Yen since yesterday’s trading session. The 50– hour simple moving average guided the currency pair on Monday.
In regarding the near future, the 50– hour SMA could continue to guide the EUR/JPY exchange rate higher. Bullish traders might aim for the weekly R1 at 119.03 within this session.
However, given that the currency exchange rate is near the bottom border of an ascending channel pattern at 118.55, a breakout might occur within the following trading session.
