The common European currency fell by 109 pips or 0.89% in value against the Japanese Yen on Thursday. A breakout occurred through the lower boundary of a descending channel pattern during yesterday’s trading session.

Given that the currency pair has breached the 61.80% Fibonacci retracement level at 121.17, bearish traders could continue to pressure the exchange rate lower within this session. The potential target will be at the 120.44 area.

On the other hand, the currency exchange rate might make a U-turn from the current price level at 121.89 and make some slight upside movement within the following trading session.

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