The European single currency has continued to trade within range against the Japanese Yen. The currency pair made about 25 basis points during Friday’s trading session.
Given that the EUR/JPY exchange rate has breached the 50– and 100– hour SMAs, the pair is likely to edge higher within this session. Bullish traders are likely to target the upper boundary of a descending channel pattern at 120.76.
However, a resistance cluster formed by the 200– hour simple moving average and the weekly R1 at 120.46 could provide resistance for the currency exchange rate within the following trading session.
