The common European currency has depreciated by 1.12% in value against the Japanese Yen since yesterday’s trading session. A breakout occurred through the lower boundary of an ascending channel pattern at 121.42 on Thursday.
Given that a breakout had occurred, the EUR/JPY exchange rate will most likely continue to decline within this session. The pair could target the monthly S3 at the 119.92 area.
However, a support cluster formed by the combination of the weekly S1 and the monthly S2 at 120.49 could provide support for the currency exchange rate during the following trading session.
