The single European currency depreciated about 43 base points against the Japanese Yen on Friday. The currency pair was guided down by a descending channel pattern.

The exchange rate tested the 100-hour simple moving average at 121.17 during the morning hours of today’s trading session.

If the resistance level formed by the 100-hour SMA holds, the currency exchange rate will continue its southern movement today.

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On the other hand, if the pair passes the resistance level, bullish traders could drive the pair towards the upper line of the descending channel pattern at 121.51 within this session.

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