The Eurozone single began today’s session with a bullish momentum against the Japanese Yen. As a result, a breakout occurred through the upper boundary of a descending channel pattern at 124.60.
However, after the breakout occurred, the currency pair began to decline. By the middle of the day, the exchange rate has depreciated about 81 base points.
By and large, it is likely that the currency exchange rate will aim at a swing low of 123.80 within this session.
On the other hand, the pair could reverse from current price level and target a resistance cluster at 124.33.
