The common European currency appreciated about 75 base points against the Japanese Yen on Friday. The exchange rate breached the 200-hour simple moving average at 122.84 at the end of Friday’s trading session.
If the downside risks continue to prevail in the market, the currency pair could maintain the descending channel pattern today. The EUR/JPY pair could aim for a support level at 122.09.
On the other hand, if bulls continue on their last Friday’s momentum, a potential breakout through the upper boundary of the descending channel pattern could occur during the following trading session.
