The EUR/JPY currency pair has continued to trade south in a descending channel pattern. The Euro has depreciated about 0.44% in value since yesterday’s trading session.

The exchange rate was trading near the lower bound of a descending channel at 121.02 during the first part of Thursday’s trading session.

Most likely, a breakout could occur through the lower boundary of the channel pattern within this session.

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However, if the descending channel holds, a retracement towards a resistance level formed by the 200-hour SMA could be expected today.

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