EUR/JPY forms new pattern

The first half of Wednesday's session was spent under the bearish pressure, as the common European currency lost 102 base point against the Japanese Yen. However, this decline was stopped after the rate pierced through the weekly support level at the 129.67 area.

The rally continued through the middle of Thursday's trading session. Within this period of the surge, the pair breached the 55-, 100-, and the 200– hour SMAs. It seems that the exchange rate could also breach the upper boundary of a descending pattern.

Technical indicators suggest that the EUR/JPY currency exchange rate is likely to continue moving north for the rest of this week.

EURJPY

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