The common European currency has depreciated about 1.46% in value against the Japanese Yen since the beginning of May. The currency pair opened with a gap during the morning hours of today’s trading session.
Everything being equal, it is likely that bears would drive the currency exchange rate further south within this session. The potential downside targets will be near the bottom border of a descending channel at 123.20.
However, given that the EUR/JPY exchange rate opens with a gap during Monday’s trading session, from a theoretical point of view, the pair is expected to fill the gap within this session.
