Downside risks dominated the common European currency against the Japanese Yen on Thursday. The currency pair breached the lower boundary of an ascending channel pattern during yesterday’s trading session.
Given that a breakout has occurred, the exchange rate could continue to edge lower during the following trading session. The potential target for the EUR/JPY pair will be at weekly S1 at 129.25.
However, technical indicators suggest buying signals on the daily time-frame chart, most likely, the currency exchange rate could edge higher today.
