The 50– hour simple moving average guided the EUR/JPY currency pair on Tuesday. The exchange rate tested the upper border of an ascending channel pattern at 116.83 during Tuesday’s trading session.
Currently, the common European currency versus the Japanese Yen is testing the bottom line of the ascending channel pattern at 116.27.
If the channel pattern holds, the currency exchange rate would continue to edge higher within this session.
However, if the pair breaks the ascending channel, the next target for bearish traders would be at the 115.50 area.
