The Eurozone single currency appreciated about 50 basis points against the Japanese Yen on Wednesday.

The currency pair is currently trading near the upper boundary of a descending channel pattern at 120.19.

The EUR/JPY will most likely dash through the border of the descending channel pattern within this session.

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However, if the channel pattern holds, a decline towards the monthly pivot point at 119.67 could be expected during the following trading session.

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