The common European currency has declined by 93 basis points or 0.74% against the Japanese Yen since Wednesday’s trading session. A breakout occurred through the lower boundary of an ascending channel pattern on Thursday morning.
Given that a breakout has occurred, bearish traders could continue to pressure the exchange rate lower during the following trading session. The potential target for bearish traders would be at the 125.00 level.
Although, the currency exchange rate is likely to make a brief retracement towards a resistance cluster at 125.74 in the short-term.
