The 50– hour simple moving average has continued to pressure the single European currency against the Japanese Yen. The currency pair declined by 71 pips or 0.60% during the first half of Friday’s session.
As for the rest of Friday’s trading session, the EUR/JPY exchange rate will most likely continue to edge lower. The possible target will be near the weekly S3 at 115.45.
Although, a support cluster formed by the weekly S2 and the monthly S1 at the 116.11 area could provide support for the currency exchange rate during the following trading session.
