The common European currency is currently trading in a narrow descending channel pattern against the Japanese Yen. The currency pair declined by 59 points or 0.47% on September 14.
Currently, the exchange rate is trading near the upper line of the narrow descending channel and could be set for a breakout.
If the breakout occurs, bullish traders could push the EUR/JPY pair towards the 126.20 level within this session.
However, if the channel pattern holds, bears are likely to continue to dominate the market during the following trading session.
