The single European currency versus the Japanese Yen has revealed a new junior descending channel pattern. The channel pattern and the 200-hour simple moving average have guided the currency pair towards the lower boundary of an ascending channel.
A breakout through the bottom border of the ascending channel pattern at 124.80 could be expected within this session. Also, technical indicators suggest a bearish sentiment today.
However, a support level formed by the weekly S1 at 124.66 could prevent the currency exchange rate from edging lower.
