The common European currency declined by 39 pips or 0.31% against the Japanese Yen on Tuesday. The currency pair tested the 126.80 level during yesterday’s trading session.
Currently, the exchange rate is trading near the lower line of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the 126.58 could be expected within today’s session.
However, if the channel pattern holds, bulls could continue to drive the currency exchange rate higher during the following trading session.
