EUR/JPY remains above 55-hour SMA

The EUR/JPY managed to remain above the 2016 high level at 128.18 despite the breakout from an ascending channel. Most likely, the several failed attempts of the Yen to regain lost positions were attributed to the 55-hour SMA, which served as a support level for the currency rate. It is expected that during the rest of the day the pair is going to try to climb down and get closer to the 100-hour SMA near the 127.83 level. However, this outcome is doubtful, as the latest movements of pair indicate on formation of an ascending triangle. Accordingly, tomorrow's trading session the rate might start above the 128.65 mark, which would constitute a new record high.