Downside risks have dominated the common European currency against the Japanese Yen since Wednesday’s trading session. The currency pair has lost about 0.75% in value during the last 24 hours.
Everything being equal, it is likely that the EUR/JPY exchange rate will regain some of its lost position during the following trading session. The potential upside target will be near a resistance cluster at 126.47.
However, given that a breakout had occurred through the lower boundary of an ascending channel pattern, the decline of the currency exchange rate could continue today.
