The Eurozone single currency declined by 54 pips or 0.43% against the Japanese Yen on Thursday. The currency pair breached the 50– hour simple moving average during yesterday’s trading session.
All things being equal, the EUR/JPY pair could continue to edge lower within the following trading session. The potential target would be near the lower boundary of an ascending channel pattern at 123.60.
On the other hand, the currency exchange rate might make a brief retracement towards the 124.40 area within this session.
