The common European currency declined by 117 pips or 0.96% against the Japanese Yen on Thursday. A breakout occurred through the lower boundary of an ascending channel pattern during yesterday’s trading session.
Given that a breakout had occurred, the EUR/JPY exchange rate could continue to decline within this session. The potential target for bearish traders will be at the 120.00 level.
However, the monthly S1 at 120.62 could provide support for the currency exchange rate during the following trading session.
