Downside risks have continued to dominate the single European currency against the Japanese Yen since yesterday’s trading session. The currency pair has revealed a new junior descending channel pattern.
Today’s trading session began with strong bearish momentum, and by the middle of the day, the exchange rate has lost about 1.11% in value.
The currency exchange rate is currently testing a support cluster formed by the weekly and the monthly PPs at 124.98.
If the support cluster is unable to hold, a breakout through the lower boundary of the descending channel pattern is likely to occur within this session.
