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EUR/JPY Declines After German Data Release

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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