Downside risks prevailed in the market on Tuesday, thus, sending the common European currency to crash by 78 basis points against the Japanese Yen.
However, Wednesday’s trading session began with bullish momentum. By the middle of the trading day, the EUR/JPY currency pair has appreciated by 0.52% in value.
If this bullish momentum continues, a breakout through the upper line of a descending channel pattern could occur today.
On the contrary, technical sentiment suggests that bears are likely to control the currency exchange rate during the following trading session.
