The common European currency declined by 72 pips or 0.60% in value against the Japanese Yen on Friday. The currency pair breached the 50-, 100– and 200– hour SMAs during the previous session.
Currently, the exchange rate is trading near a resistance cluster formed by the 200– hour simple moving average and the weekly pivot point at 120.38.
If the resistance cluster holds, the EUR/JPY pair will continue to trade south within this session.
However, if the currency exchange rate breaks the resistance lines, a surge towards the 120.00 area could be expected today.
