The common European currency declined by 35 basis points or 0.30% against the Japanese Yen on Friday. The decline was stopped by the 50– hour simple moving average during Friday’s trading session.
The currency pair is currently trading near the upper boundary of a descending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the 123.80 level could be expected within this session.
However, if the channel pattern holds, bearish traders might target the 122.80 area today.