EUR/JPY Declines After German Data Release

Technical analysis of Forex market

Downside risks have continued to dominate the single European currency against the Japanese Yen since yesterday’s trading session. The currency pair has revealed a new junior descending channel pattern.

Today’s trading session began with strong bearish momentum, and by the middle of the day, the exchange rate has lost about 1.11% in value.

The currency exchange rate is currently testing a support cluster formed by the weekly and the monthly PPs at 124.98.

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If the support cluster is unable to hold, a breakout through the lower boundary of the descending channel pattern is likely to occur within this session.

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