The common European currency depreciated about 97 base points against the Japanese Yen on Thursday. The decline was stopped by a support level formed by the weekly S3 at 124.26.

As for the near future, it is likely that the EUR/JPY currency pair slightly move higher towards a resistance cluster formed by the 50-hour simple moving average and the weekly S2 at 124.96.

However, given that the currency exchange rate is trading near the lower boundary of a descending channel pattern, a breakout could be expected during the following trading session.

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