The Eurozone single currency depreciated about 73 base points against the Japanese Yen on Friday. The decline began after the currency pair tested a resistance level formed by the monthly pivot point at 122.23.
Technical indicators flash sell signals on both the smaller and the larger time-frame chart. Therefore, it is likely that the EUR/JPY exchange rate will continue its downward movement within this session.
Although, if the currency exchange rate passes the weekly PP and the combination of the 50-, 100– and 200-hour SMAs today, a surge towards the weekly R1 at 122.13 could occur.
