The Eurozone single currency declined by 70 basis points or 0.59% against the Japanese Yen on Friday. The currency pair was pressured lower by the 50– hour simple moving average during Friday’s trading session.
All things being equal, the EUR/JPY exchange rate could edge lower within this session. The potential target for bearish traders could be at the support cluster at 116.08.
On the other hand, given that the currency exchange rate is currently trading near the upper boundary of a descending channel pattern, a breakout could occur during the following trading session.
