The Eurozone single currency depreciated by 100 basis points against the Japanese Yen on Friday. The currency pair tested the lower boundary of a descending channel pattern at 120.16 during the previous trading session.
Currently, the exchange rate is testing a resistance level formed by the 23.60% Fibonacci retracement level at 120.71.
If the EUR/JPY pair breached the resistance level, a surge towards the 50.00% Fibo level could be expected today.
However, technical indicators suggest that the currency exchange rate will most likely continue to edge lower during the following trading session
