The common European currency appreciated by 101 basis points or 0.84% in value against the Japanese Yen on Thursday. The currency pair tested the monthly pivot point at 120.93 during yesterday’s trading session.
The EUR/JPY exchange rate made a downside reversal from the monthly PP on Thursday. As a result, a breakout occurred through the lower boundary of an ascending channel pattern on Friday morning. The decline will most likely continue within this session.
However, the currency exchange rate might make an upside reversal from the current price level at 119.92 and target the 121.00 mark today.
