The common European currency declined by 52 pips or 0.40% against the Japanese Yen on Friday. The currency pair was pressured lower by the 200– hour SMA during Friday’s trading session.
As for the near future, the exchange rate could continue to edge lower in a narrow descending channel pattern. The potential target for the EUR/JPY pair will be near the 128.60 area.
However, the weekly support level at 129.05 could provide support for the currency exchange rate within this session.
