On Friday, the common European currency declined by 54 pips or 0.42% against the Japanese Yen. The currency pair tested the lower line of an ascending channel pattern at 129.69 during Thursday’s trading session.
Given that the exchange rate has bounced off the support level, formed by the lower line of the channel pattern, buyers could pressure the price higher within the following trading session.
However, the 50– hour simple moving average at 130.12 could provide resistance for the EUR/JPY currency exchange rate within this session.
