The single European currency made a new swing high against the Japanese Yen on Thursday. The currency pair tested the upper boundary of a descending channel pattern at 122.37 during yesterday’s trading session.

As for the near future, it is likely that the exchange rate will continue to edge higher. The potential upward swing for bullish traders will be near the weekly pivot point at 123.44.

However, given that technical indicators flash bearish signals on both the smaller and the larger time-frame charts, bears could drag the currency exchange rate towards the 50-hour SMA at 121.88 within this session

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