The Eurozone single currency declined by 57 points or 0.46% against the Japanese Yen on Friday. The 100– hour simple moving average provided resistance for the currency pair during Friday’s trading session.
All things being equal, the exchange rate could continue to edge lower in a narrow descending channel pattern. Bearish traders might target the 200– hour SMA at 123.50 during the following trading session.
However, given that the currency exchange rate is currently trading near the upper line of the narrow descending channel pattern, a breakout could occur within this session.
