The common European currency surged by 37 basis points or 0.30% against the Japanese Yen on Wednesday. The 50– hour simple moving average guided the currency pair during yesterday’s trading session.
Currently, the exchange rate is trading near the upper boundary of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the 125.00 could be expected within this session.
However, if the channel pattern holds, bears might pressure the currency exchange rate lower towards the 100– hour SMA at 123.80 today.
