The single European currency depreciated about 61 base points against the Japanese Yen on Friday. A breakout occurred through the lower boundary of an ascending channel during Friday’s trading session.
As for the near future, it is likely that the EUR/JPY currency pair will edge higher during the following trading session. Bullish traders could aim for a resistance level formed by the 200-hour SMA at 122.31.
However, the 50-hour simple moving average at 122.06 could prevent bulls from making some gains within this session.
