The EUR/JPY currency pair depreciated about 0.53% in value during yesterday’s trading session. The currency pair tested the bottom border of an ascending channel pattern at 120.51 during the Asian session on Wednesday.

From a theoretical perspective, some upside potential could likely prevail in the market today. In this scenario, the common European currency could target the 121.50 area.

However, a resistance cluster formed by the 50– and 100– hour simple moving averages at 120.89 could hinder bulls from driving the currency exchange rate up within the following trading session.

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