The Eurozone single currency has depreciated about 113 base points against the Japanese Yen since yesterday’s trading session. The currency pair breached the lower boundary of an ascending channel pattern at 128.60 during the Asian session on Friday.
Given that a breakout had occurred, it is likely that the EUR/JPY currency exchange rate will continue its decline within this session. The potential downside target will be at a swing low of 127.70.
However, it is expected that the exchange rate makes a brief retracement north towards the 128.60 mark today.