The common European currency declined by 55 pips or 0.42% against the Japanese Yen on Friday. The currency pair breached the 50– and 200– hour SMAs during Friday’s trading session.
Everything being equal, the exchange rate could continue to edge lower during the following trading session. The potential target for the EUR/JPY pair would be near the weekly support level at 131.16.
Although, the currency exchange rate could reverse from the 131.77 area and target the upper boundary of a descending channel pattern at 132.20 within this session.
