The single European currency has declined by 155 pips or 1.27% against the Japanese Yen since Thursday’s trading session. A breakout occurred through the lower boundary of an ascending channel pattern on Thursday.
Given that a breakout had occurred, the EUR/JPY exchange rate will most likely continue to edge lower during the following trading session. The possible target will be at the weekly S1 at 120.09.
However, the currency exchange rate is expected to make a brief pullback within this session.