The common European currency has declined by 67 pips or 0.54% against the Japanese Yen since Thursday’s trading session. The currency pair breached the 50– and 100– hour SMAs on Friday morning.
Everything being equal, the EUR/JPY exchange rate could continue to edge lower within this session. The potential target for bearish traders will be near the 123.00 level.
However, the weekly support level near the 123.50 area could provide support for the currency exchange rate during the following trading session.
