The common European currency declined by 48 pips or 0.38% against the Japanese Yen on Wednesday. The currency pair breached the weekly support level at 126.22 during yesterday’s trading session.
The exchange rate could continue to edge lower in a descending channel pattern during the following trading session. The potential target for the EUR/JPY pair would be near the 126.00 area.
However, the weekly S1 at 126.22 could still provide support for the currency exchange rate within this session.