During Tuesday’s trading session, the common European currency fell by 70 pips or 0.54% against the Japanese Yen. The currency pair tested the 128.00 level on Wednesday.
All things being equal, the EUR/JPY exchange rate could continue to edge lower. A breakout through the lower line of a descending channel pattern could occur within this session.
However, if the channel pattern holds, buyers could pressure the currency exchange rate higher towards the 200– hour SMA at 129.21 during the following trading session.
