During Friday’s trading session, the common European currency declined by 63 pips or 0.49% against the Japanese Yen. The decline was stopped by the 200– hour simple moving average on Friday.
Currently, the exchange rate is trading near the lower boundary of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the weekly S1 at 128.27 could be expected today.
However, if the channel pattern holds, buyers will likely pressure the currency exchange rate higher in the session.
