A two-week junior ascending channel has guided the movement of the Eurozone single currency against the Japanese yen. The currency pair bounced off its lower boundary on September 12 and followed by a short-term upside wave.

The exchange rate is trading near a resistance level formed by the 50– hour simple moving average at 119.45.

If the 50– hour SMA holds, the EUR/JPY pair will aim the lower boundary of the two weeks ascending channel at 118.42.

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However, if the currency exchange rate passes the resistance level, as mentioned earlier, a surge towards a psychological level at 120.00 could be expected within this session.

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