The common European currency remained stable against the Japanese Yen on Wednesday. The currency pair consolidated below the 118.50 area during yesterday’s trading session.
The exchange rate is currently trading near the bottom border of an ascending channel pattern at 118.14.
If the channel pattern holds, bullish traders could drive the price towards the 119.34 regions within this session.
However, the monthly pivot point at 118.63 could provide resistance for the currency exchange rate in the shorter term.
