The common European currency appreciated by 25 basis points against the Japanese Yen on Thursday. The weekly R1 at 120.35 provided support for the currency pair during yesterday’s trading session.
Technical indicators demonstrate that the exchange rate will likely trade bullish within this session. The possible target for bullish traders will be near the upper boundary of an ascending channel pattern at 121.00.
If the resistance level, formed by the upper border of the channel pattern holds, the currency exchange rate might make a downside reversal during the following trading session.
