The Eurozone single currency declined by 45 points or 0.36% against the Japanese Yen on Monday. A breakout occurred through the lower boundary of an ascending channel pattern during Monday’s trading session.
Given that a breakout had occurred, the currency pair could continue to decline within this session. Bearish traders are likely to pressure the EUR/JPY exchange rate towards the weekly support level at 124.01.
However, if the currency exchange rate breaks a resistance cluster at 124.68, a surge towards the 125.20 could be expected during the following trading session.
