The common European currency declined by 62 basis points or 0.50% against the Japanese Yen on Monday. The currency pair tested the 123.67 level during yesterday’s trading session.
Currently, the exchange rate is trading near the upper boundary of a descending channel pattern and could be set for a breakout. If the breakout occurs, a surge towards the 124.60 area could be expected within this session.
However, if the channel pattern holds, bears are likely to pressure the currency exchange rate lower towards the 123.20 level during the following trading session.
