On Monday, the common European currency declined by 67 pips or 0.50% against the Japanese Yen. The currency pair tested the 131.88 support level during yesterday’s trading session.
All things being equal, the exchange rate is likely to continue to edge lower in a descending channel pattern within Tuesday’s trading session. The potential target for sellers will be near the 131.60 level.
However, bearish traders may still encounter the support level at 131.88 within the following trading hours.
