Upside risks dominated the common European currency against the Japanese Yen on Thursday. The EUR/JPY exchange rate ended yesterday’s session with 0.92% gains.

The currency pair breached the upper boundary of a medium-term descending channel at 128.78 during the morning hours of Friday’s trading session.

Given that a breakout had occurred, the currency exchange rate could continue its bullish movement today.

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However, it is expected that the pair makes a brief retracement south towards the 128.50 area within the coming hours.

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