During yesterday’s trading session, the EUR/JPY currency pair appreciated by about 0.45% in value. The currency pair tested a psychological resistance level at 121.00.
Bears dominated the early hours of today’s session. As a result, a breakout occurred through the bottom border of an ascending channel pattern at 120.68.
Given that a breakout had occurred, the exchange rate will most likely continue to fall within this session. The potential target for bearish traders will be at the 119.98 area.
Everything being equal, an upside reversal could occur from the support level at 119.98 within the following trading session.
