The common European currency surged by 60 basis points or 0.50% in value against the Japanese Yen on Tuesday. The currency pair tested the monthly S1 at 120.33 during yesterday’s trading session.
After the exchange rate tested the monthly S1, the pair made a U-turn south. Most likely, the EUR/JPY currency pair will continue trading southward within this session. The possible target for bears would be near the lower boundary of a descending channel pattern at 119.50.
However, the currency exchange rate will have to surpass the weekly S1 at 119.78 before reaching the given target.
