The single European currency traded sideways against the Japanese Yen on Wednesday. The currency pair tested the upper boundary of a medium-term descending channel at 125.00 during yesterday’s trading session.

The EUR/JPY pair breached a support level set by the bottom border of a junior ascending channel pattern at the 124.66 area during the first half to Thursday’s session.

By and large, it is likely that the currency exchange rate edges lower within this session. The potential downside target will be near a support cluster formed by the combination of the weekly and the monthly pivot points at the 123.12 region.

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