The common European currency declined by 61 basis points or 0.48% against the Japanese Yen on Tuesday. A breakout occurred through the lower boundary of an ascending channel pattern during yesterday’s trading session.
Given that a breakout has occurred, bearish traders could continue to drive the exchange rate lower during the following trading session. The potential target for bears would be at the 125.00 area.
However, the weekly support level at 125.58 could provide support for the currency exchange rate within this session.
