The EUR/JPY pair has decreased by over 0.5%, currently trading around 171.20 during early European trading hours. A technical analysis indicates a potential shift from bullish to bearish momentum as the currency pair breaks below the ascending channel pattern. This trend highlights key changes in market sentiment and emphasizes the need for traders to reassess their strategies. Signals of weakening momentum could lead to further declines in the near term. Investors should monitor critical support and resistance levels as shifts in economic indicators may lead to increased volatility in the forex market. Understanding these factors will assist traders in making informed decisions.