On Tuesday, the common European currency declined by 69 pips or 0.53% against the Japanese Yen. The currency pair breached the 50– hour simple moving average during Tuesday's trading session.
The EUR/JPY 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 129.00 level could be expected within this session.
However, if the channel pattern holds, buyers are likely to target the resistance level at 129.69 today.
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