The common European currency has declined by 82 pips or 0.65% against the Japanese Yen since last Friday. The currency pair breached the 50– and 100– hour SMAs during Friday’s trading session.

The exchange rate is currently trading near the bottom border of an ascending channel pattern and could be set for a breakout.

If the breakout occurs, a decline towards the weekly support level at 124.01 could be expected within this session.

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However, if the channel pattern holds, the currency exchange rate could trend bullish today.

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