On Wednesday, the common European currency fell by 45 pips or 0.35% against the Japanese Yen. A breakout occurred through the lower boundary of an ascending channel pattern during Wednesday’s trading session.
Given that a breakout has occurred, sellers are likely to continue to drive the price lower during the following trading session. The potential target for the EUR/JPY pair would be near the 129.80 area.
However, bearish traders may encounter support near the psychological level at 130.00 within this session.
