The common European currency has depreciated about 50 base points against the Japanese since yesterday’s trading session. A breakout occurred through the lower boundary of an ascending channel pattern at 122.12 during the morning hours of Friday’s trading session.
Given that a breakout had occurred, it is likely that the EUR/JPY currency pair will continue its downward momentum within this session. Bears could aim for the weekly S1 at 121.38.
Meanwhile, technical indicators flash sell signals on the 4(H) time-frame chart.