The common European currency has declined by 42 pips or 0.31% against the Japanese Yen since Thursday’s trading session. A breakout occurred through the lower boundary of an ascending channel pattern during the Asian session on Friday.
Given that a breakout has occurred, bearish traders could continue to edge lower during the following trading session. The potential target for the EUR/JPY pair will be near the 133.20 level.
However, the weekly pivot point at 133.48 could provide support for the currency exchange rate today.
