The common European currency declined by 60 pips or 0.48% against the Japanese Yen on Friday. The currency pair tested the lower boundary of an ascending channel pattern.
Technical indicators flash buying signals, most likely, buyers could pressure the exchange rate higher during the following trading session. The possible target for the EUR/JPY pair would be at the 126.40 level.
However, given that the currency exchange rate has breached the channel pattern, a decline towards the support cluster at 124.65 could be expected within the next trading session.
