During the last 24hrs, the common European currency has depreciated about 102 base points against the Japanese Yen. The currency pair breached the lower boundary of an ascending channel pattern at 124.87 during the Asian trading session on Wednesday.
Given that a breakout had occurred, it is likely that the exchange rate decline towards a swing low of 124.60 within this session.
The currency exchange rate could make a possible reversal from the swing low as mentioned above during the following trading session.
Traders are advised to look for opportunities to trade if the situation occurs.
