The common European currency declined by 38 pips or 0.28% against the Japanese Yen on Wednesday. The decline was stopped by the 200– hour simple moving average 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 132.60 area could be expected within this session.
However, if the channel pattern holds, bullish traders could pressure the currency exchange rate higher today.
