The single European currency has declined by 121 points or 0.97% against the Japanese Yen since yesterday’s trading session. The currency pair tested the lower line of a descending channel pattern on Wednesday morning.
Technical indicators suggest that the exchange rate could continue to edge lower during the following trading session. The potential target for bears would be at the 122.40 level.
However, if the lower boundary of the channel pattern holds, the currency exchange rate is likely to make a brief retracement towards the 123.50 area within this session.
