The single European currency appreciated by 90 pips or 0.75% in value against the Japanese Yen on Friday. The currency pair breached the monthly pivot point at 120.93 during Friday’s trading session.
As for the near future, the exchange rate could make a brief pullback towards the lower boundary of an ascending channel pattern at 120.05.
However, the weekly pivot point at 120.27 could provide support for the currency exchange rate during the following trading session. The potential target for bullish traders would be at the 121.50 area.
