The common European currency has depreciated about 96 base points against the Japanese Yen since May 21. the currency pair breached the 200– and 100– hour SMAs during the first part of today’s trading session.

Currently, the exchange rate is trading near the lower boundary of a junior descending channel pattern at 122.92.

If the currency exchange rate passes the bottom border of the channel pattern, bearish traders could aim for a support line at 122.09 within this session.

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However, if the junior ascending channel holds, a towards the monthly PP at 122.81 could be expected today.

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