The common European currency has declined by 121 pips or 0.96% against the Japanese Yen since Tuesday’s trading session. The currency pair breached the monthly support level at 124.47 on Wednesday morning.
As for the near future, the EUR/JPY exchange rate could continue to edge lower. The potential target for bullish traders would be near the weekly support level at 124.20.
However, the lower boundary of a descending channel pattern could provide support for the currency exchange rate in the shorter term.
