The single European currency depreciated about 85 base points against the Japanese Yen on Thursday. The currency pair tested the lower boundary of a descending channel pattern at 122.20 during yesterday’s trading session.
The junior descending channel pattern is gradually guiding the exchange rate towards the weekly S1 at 122.09.
However, given that the currency exchange rate is trading near the upper boundary of the channel pattern, a breakout could be expected during the following trading session.
