The common European currency depreciated about 42 basis points against the Japanese Yen on Friday. The currency pair breached the 50-, 100-, and 200- hour SMAs during Friday’s trading session.
The exchange rate is currently testing a resistance level formed by the 50—hour simple moving average at 120.62.
If the resistance level holds, a breakout through the lower boundary of an ascending channel pattern could occur within this session.
However, if the currency exchange rate breaches the 50– hour SMA, a surge towards the weekly R1 at 121.10 could be expected today.
