The common European currency declined by 94 basis points or 0.75% against the Japanese Yen on Tuesday. The currency pair tested the lower boundary of a descending channel pattern at 124.65 on Wednesday morning.

All things being equal, the exchange rate could continue to edge lower during the following trading session. A breakout through the lower boundary of a descending channel pattern could occur.

However, if the channel pattern holds, bullish traders are likely to pressure the currency exchange rate towards the 125.40 level within this session.

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