The Eurozone single currency has continued to decline against the Japanese Yen since yesterday’s trading session. A breakout occurred through the lower boundary of an ascending channel pattern on Tuesday.

Given that a breakout had occurred, the exchange rate will most likely continue to edge lower until it reaches a support cluster formed by the weekly S1 and the monthly S1 at the 119.16 area.

However, the 200– hour simple moving average at 119.79 could provide support for the currency exchange rate today.

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