The situation on the daily chart of the EUR/JPY pair looks interesting. The downward trend has been in progress since the beginning of 2018. The daily chart shows that there has been an upward correction since the end of May. It is within a small growth channel. The current price is close to the bottom edge of the channel and if there is another upward rebound it is possible that the increase could reach a well respected downward trend line and resistance in the region 123.60.
On the other hand, a breakout from the channel, in a broader context, could be considered as confirmation of a downward trend. The latest Eurozone figures with moods were very weak and were the worst in about 5 years. Similarly, data from Japan, where there was a strong decrease in base orders for fixed assets, were also weak.
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