On Monday, the European single currency edged higher by 82 pips or 0.64% against the Japanese Yen. The currency pair breached the 200– hour simple moving average during Monday’s trading session.
As for the near future, the EUR/JPY exchange rate could continue to edge higher. A breakout through the upper line of a descending channel pattern might occur within this session.
However, if the channel pattern holds, a decline towards a support cluster formed by the weekly pivot point and the 50– hour SMA at 128.58 during the following trading session.
