The single European currency appreciated about 77 base points against the Japanese Yen on Tuesday. The currency pair broke a dominant descending channel during yesterday’s trading session.

The exchange rate began Wednesday’s session with an upside movement. The pair tested the upper boundary of a junior ascending channel during the Asian session.

Most likely, the currency exchange rate could aim for a support level formed by the 50-hour simple moving average at 125.24.

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On the other hand, the pair might reverse from the current price level and dash through the junior ascending channel.

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