The single European currency declined by 89 basis points or 0.77% against the Japanese Yen on Tuesday. The currency pair breached the monthly support level at 115.55 during yesterday’s trading session.
As for the near future, the EUR/JPY exchange rate will most likely continue to edge lower in the narrow descending channel pattern. Bearish traders could target the weekly S2 at 114.54.
A potential upside reversal could occur from the weekly S2 as mentioned above, during the following trading session.
