The Eurozone single currency depreciated about 79 basis points against the Japanese Yen on Friday. The currency pair breached the 50-, 100– and 200– hour SMAs during Friday’s trading session.

Everything being equal, the EUR/JPY exchange rate will likely edge up within this session. Bullish traders might target a resistance level formed by the weekly R1 at 120.68.

Although, given that the currency exchange rate is currently trading near the bottom border of the descending channel pattern, a breakout could occur within the following trading session

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