The common European currency declined by 56 points or 0.46% against the Japanese Yen on Friday. The 50– hour simple moving average provided resistance for the currency pair during the previous session.
Technical indicators suggest selling signals on the 4– hour time frame chart. Most likely, the exchange rate could continue to decline during the following trading session.
However, if the EUR/JPY currency exchange rate breaks the 50– hour SMA resistance level, a surge towards the 122.99 could be expected within this session.
