The common European currency declined by 48 pips or 0.37% against the Japanese Yen on Thursday. The currency pair tested the weekly S2 at 128.51 during yesterday’s trading session.
The exchange rate bounced off from the weekly support level at 128.51 during the Asian session on Friday. Most likely, the EUR/JPY pair could edge higher during the following trading session.
However, a resistance level formed by the upper line of a descending channel pattern could provide resistance for the currency exchange rate today.
