Downside risks pressured the common European currency against the Japanese Yen on Tuesday. The currency pair fell by 122 pips or 0.94% during Tuesday’s trading session.
The exchange rate is currently trading near the lower line of a descending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the 127.70 area could be expected within this session.
However, if the channel pattern holds, the currency exchange rate would make a brief pullback towards the 129.05 level today.
