The EUR/JPY exchange rate traded between the 50– and 100– hour simple moving averages on Tuesday. The currency pair made about 163 basis points movement during yesterday’s trading session.
The common European currency is currently trading near the upper boundary of a descending channel pattern at 119.10. A breakout could occur within the following trading session.
However, if the given channel pattern holds, the currency exchange rate will most likely continue to trade down during the following trading session.
