The Eurozone single currency declined by 70 pips or 0.55% against the Japanese Yen on Friday. The currency pair tested the lower line of an ascending channel pattern at 125.80 during Friday’s trading session.
The exchange rate bounced off from the bottom border of the channel pattern at the end of last week’s trading session.
Most likely, the exchange rate could continue to edge higher today. The possible target for the EUR/JPY pair would be at the 126.60 level.
However, the weekly R1 at 126.54 could provide resistance for the currency exchange rate within this session.
