The Eurozone single currency has declined by 0.59% against the Japanese Yen since December 31. The currency pair breached the 100– and 200– hour SMAs during this period.
As for the near future, the EUR/JPY exchange rate could continue to edge lower. A breakout through the lower boundary of a descending channel pattern might occur during today’s session.
However, if the channel pattern holds, a pullback towards the 126.58 area could be expected during the following trading session.
