The common European currency declined by 77 pips or 0.59% against the Japanese Yen on Tuesday. The currency pair breached the lower boundary of an ascending channel pattern during yesterday’s trading session.
Currently, the exchange rate is trading near the lower boundary of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the weekly S1 at 129.25 could be expected today.
However, if the channel pattern holds, bullish traders could pressure the currency exchange rate higher today.
