The common European currency declined by 60 pips or 0.45% against the Japanese Yen on Friday. The currency pair breached the 50– and 200– hour SMAs during yesterday’s trading session.
Everything being equal, the exchange rate is likely to continue to edge lower during the following trading session. The possible target for bearish traders could be near the 132.00 level.
However, a support level at 132.51 could provide support for the currency exchange rate in the shorter term.
