During the past 24 hours of trading, the common European currency depreciated about 1.82% in value against the Japanese Yen. A breakout occurred through the bottom border of a descending channel pattern during yesterday’s trading session.
Given that a breakout had occurred, it is likely that the exchange rate will continue to fall within this session. The possible target for bearish traders will be near the weekly S2 at 118.03.
On the other hand, the currency exchange rate could make a brief pullback towards the monthly S2 at 119.43 during the following trading session.
