The common European currency traded with low volatility against the Japanese Yen on Thursday. The currency pair made about 24 pips movement during yesterday’s trading session.

Given that the currency exchange rate has reversed from the lower boundary of a descending channel pattern, it is likely that the pair could aim for the upper band of the channel pattern at 121.63 before the end of today’s trading session.

However, technical indicators demonstrate that the EUR/JPY exchange rate might continue its movement in the descending channel pattern during the following trading session.

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