During the first half of yesterday’s trading session, the common European currency surged by 68 pips or 0.53% against the Japanese Yen. However, the currency pair erased the earlier profit by the end of the day.
Everything being equal, the exchange rate is likely to maintain the descending channel pattern within this session. The potential target for sellers would be near the 128.40 area.
Although, given that the EUR/JPY currency exchange rate is currently trading near the upper line of the channel pattern, a breakout could occur within this session.
