The common European currency depreciated about 80 base points against the Japanese Yen on Tuesday. The currency pair broke the previously drawn ascending channel pattern during yesterday’s trading session.
The exchange rate was stranded between SMAs during the first part of Wednesday’s trading session.
Technical indicators suggest that the decline of the currency exchange rate is likely to continue within this session.
The potential downside target will be near December 7 swing low of 127.80 during the following trading hours.
