The common European currency versus the Japanese Yen traded with low volatility on Friday. The 50-hour simple moving average provided support for the currency pair during Friday’s trading session.
Today’s session began with bearish sentiment, and by the middle of the trading session, the exchange rate has tested the bottom border of an ascending channel pattern at 125.14 and could be set for a breakout.
If this breakout occurs, the currency exchange rate will target a support level formed by the 200-hour SMA and the weekly S1 at 124.65.
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On the other hand, if the bottom border of the channel pattern holds, a surge towards the 125.60 mark could be expected today.
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