The common European currency declined by 71 basis points or 0.56% against the Japanese Yen on Friday. The currency pair breached the 125.40 level during Friday’s trading session.
All things being equal, the exchange rate could continue to edge lower during the following trading session. A breakout through the lower boundary of a descending channel pattern could occur.
However, if the channel pattern holds, the EUR/JPY currency exchange rate could make a pullback towards the 50– hour simple moving average at 125.86 within this session.
