The single European currency depreciated about 73 base points against the Japanese Yen on Tuesday. A breakout occurred through the lower boundary of an ascending channel pattern during yesterday’s trading session.
A new junior descending channel was revealed during Wednesday’s session. Most likely, the currency exchange rate will maintain the newly formed junior descending channel pattern today.
However, it is expected that the EUR/JPY pair makes a brief retracement towards a resistance level formed by the 50-hour simple moving average at 125.74 within this trading session.
