The common European currency declined by 81 pips or 0.63% against the Japanese Yen on Friday. The currency pair breached the 50– hour simple moving average at 129.11 during Friday’s trading session.
As for the near future, the EUR/JPY exchange rate could continue to edge lower. A breakout through the lower boundary of an ascending channel pattern is likely to occur during the following trading session.
However, the 200– hour SMA at 128.24 could provide support for the currency exchange rate within this session.
