The common European currency depreciated about 237 base points against the Japanese Yen on Friday. The pair tested the lower band of a medium-term descending channel pattern at 123.82 during Friday’s trading session.
Technical indicators flash sell signals on both the smaller and the larger time frames chart. Therefore, the EUR/JPY exchange rate could edge lower within this session.
Moreover, given that the currency exchange rate is near the bottom border of the medium-term descending channel at 124.45, a breakout is likely to occur during the following trading hours
