On Wednesday, the common European currency declined by 71 pips or 0.54% against the Japanese Yen. A breakout occurred through the lower boundary of an ascending channel pattern during Wednesday’s trading session.
Given that a breakout has occurred, bears could continue to pressure the exchange rate lower during the following trading session. The potential target for the EUR/JPY pair would be near the 129.00 area.
However, a support line at 129.40 could provide support for the currency exchange rate within this session.
