The common European currency traded between the range of 120.40/120.03 area against the Japanese Yen during yesterday’s trading session.
Given that the 50-, 100– and 200– hour simple moving averages are located below the price level, it is likely that some upside potential could prevail in the market today. In this scenario, the exchange rate could test a psychological resistance level at 121.00.
On the other hand, the EUR/JPY currency exchange rate could consolidate within the following trading session. The rate has to surpass the upper boundary of a descending channel pattern.
