The common European currency declined by 85 pips or 0.72% against the Japanese Yen on Friday. The currency pair breached the weekly and the monthly PPs at 117.25 during Friday’s trading session.

All things being equal, the exchange rate could continue to edge lower during the following trading session. The possible target for bears would be near the lower boundary of an ascending channel pattern at 116.50.

However, the 200– hour simple moving average at 116.80 could provide support for the currency exchange rate within the following trading session.

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