The Eurozone single currency declined by 58 pips or 0.43% against the Japanese Yen. The decline was stopped by the 50– hour simple moving average during Wednesday’s trading session.
As for the near future, the exchange rate is likely to continue to trade in an ascending channel pattern. The potential target for the EUR/JPY pair will be near the 134.07 level.
However, given that the currency exchange rate is currently trading near the lower line of the channel pattern, a breakout could occur within this session.
