The single European currency declined by 82 points or 0.66% against the Japanese Yen on Tuesday. A breakout occurred through the lower boundary of an ascending channel pattern during yesterday’s trading session.
Given that a breakout had occurred, the EUR/JPY currency pair could continue to edge lower during the following trading session. The potential target for bearish traders will be at the weekly S1 at 122.46.
On the other hand, the exchange rate could bounce off the 200– hour support line at 123.26 and make some upside movement in the within this session.
