The single European currency has declined by 297 basis points or 2.48% in value against the Japanese Yen since Friday’s trading session. A breakout occurred through the lower boundary of a descending channel pattern during the morning hours of Monday’s session.
Given that a breakout had occurred, the currency pair will most likely continue to decline. The potential target for the EUR/JPY pair would be at the weekly S3 at 115.62.
However, the monthly S2 at 116.62 could provide support for the currency exchange rate within this session.
