The common European currency depreciated about 60 basis points against the Japanese Yen on Friday.

Most likely, the currency pair will continue its southern movement within this session. The potential target for bearish traders will be near a support level formed by the weekly S1 at 117.43.

Although, the exchange rate needs to surpass the monthly S1 at 118.09 before reaching the given target.

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Meanwhile, technical indicators suggest that the currency exchange rate could edge lower during the following trading session.

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