On Thursday, the common European currency declined by 107 pips or 0.81% against the Japanese Yen. A breakout occurred through the lower boundary of an ascending channel pattern during yesterday’s trading session.
Given that a breakout has occurred, bearish traders could continue to drive the exchange rate lower during the following trading session. The potential target for sellers will be near the 131.50 level.
However, the support cluster at 132.20 could provide support for the EUR/JPY currency exchange rate within this session.
