The single European currency is currently trading in a descending channel pattern against the Japanese Yen. The currency pair has declined by 139 basis points or 1.14% since Friday’s trading session.
All things being equal, the exchange rate could maintain the descending channel pattern. The potential target for bearish traders would be at the 119.50 area.
On the other hand, the EUR/JPY currency exchange rate might reverse from the psychological support level at 120.00 and make some upside move within this session.
