The Eurozone single currency has declined by 68 points or 0.55% against the Japanese Yen since Thursday’s trading session. A breakout occurred through the lower boundary of an ascending channel pattern on Friday morning.
Given that a breakout has happened, the EUR/JPY exchange rate could continue to sink throughout Friday’s trading session. The potential target for bearish traders would be near the weekly support level at 122.65.
On the other hand, the currency exchange rate could make a brief pullback towards the 200– hour simple moving average at 123.91 in the shorter term.
