The Eurozone single currency has declined by 164 pips or 1.31% against the Japanese Yen since Wednesday's trading session. The currency pair tested the lower border of a descending channel pattern at 123.32 on Thursday morning.
Currently, the exchange rate is trading near the lower boundary of the channel pattern and could occur.
If the breakout occurs, bearish traders are likely to target the 123.00 level within this session.
However, if the descending channel holds, the currency exchange rate could make a brief retracement towards the 124.50 area today.
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