The common European currency appreciated about 88 basis points or 0.73% in value against the Japanese Yen on Thursday. The currency pair tested the weekly R3 at 121.33 during yesterday’s trading session.
After the exchange rate tested the weekly R3, the EUR/JPY pair began to decline. Most likely, bearish traders could drive the price towards the psychological level at 120.00 within this session.
However, a support level formed by the 50– hour simple moving average at 120.37 could provide support for the currency exchange rate during Friday’s trading session.
