A one-week ascending channel pattern guided the movement of the Eurozone single currency against the Japanese Yen on Wednesday. The currency pair tested the bottom border of the channel pattern at 118.43 during yesterday’s trading session.
The EUR/JPY exchange rate will most likely dash through the weekly R1 at 119.03 within this session.
However, if the resistance level formed by the weekly R1 holds, a decline towards the monthly pivot point at 117.99 could be expected during the following trading session.
