The single European currency depreciated about 43 base points against the Japanese Yen on Friday. The currency pair was guided down by a descending channel pattern.
The exchange rate tested the 100-hour simple moving average at 121.17 during the morning hours of today’s trading session.
If the resistance level formed by the 100-hour SMA holds, the currency exchange rate will continue its southern movement today.
On the other hand, if the pair passes the resistance level, bullish traders could drive the pair towards the upper line of the descending channel pattern at 121.51 within this session.
