Downside risks dominated the common European currency against the Japanese yen on Thursday. The currency pair depreciated about 109 basis points during yesterday’s trading session.
Given that a breakout had occurred through the lower boundary of an ascending channel pattern, the EUR/JPY exchange rate might continue to fall until it reaches a support level at 119.98.
If the support level holds, a surge towards the 120.73 regions could be expected during the following trading session.
