The common European currency declined by approximately 170 basis points or 1.42% in value against the Japanese Yen on Friday. The currency pair breached the 50-, 100– and 200– hour SMAs during Friday’s trading session.
Everything being equal, the EUR/JPY exchange rate will most likely continue to slide lower until it reaches a support cluster formed by the weekly S1 and the monthly S1 near the 118.00 area.
However, given that technical indicators flash mixed signals, the currency exchange rate might likely consolidate below the 119.50 region during the following trading session.
