The common European currency declined by 188 pips or 1.58% in value against the Japanese Yen on Wednesday. The currency pair tested the 117.00 area during yesterday’s trading session.
All things being equal, the exchange rate will most likely continue to trade in the descending channel pattern within this session. The potential target for the EUR/JPY pair will be at the 116.00 mark.
However, given that the currency exchange rate has bounced off from the lower boundary of the descending channel, bullish traders could pressure the pair higher today.
