The price movement of the common European currency against the Japanese Yen has been guided by a junior ascending channel pattern. The currency pair tested the upper boundary of the channel at 129.25 during yesterday’s session.
The EUR/JPY currency pair breached the lower boundary of the channel pattern at 128.36 during the middle of Thursday’s trading session.
Given that a breakout had occurred, the currency exchange rate is likely to continue its decline towards the monthly support level at 127.71 during the following trading session.
