The single European currency declined by 119 basis points against the Japanese Yen on Tuesday. The decline was stopped by the monthly S 1 at 120.33 during yesterday’s trading session.
The currency pair made an upside reversal from the monthly S1 during the morning hours of Wednesday’s trading session. Most likely, a breakout could occur through the upper boundary of a descending channel pattern.
However, a resistance cluster formed by the 50– and 100– hour SMAs at 121.01 could provide resistance for the currency exchange rate within the following trading session.
