During Friday’s trading session, the common European currency depreciated about 42 base points against the Japanese Yen. The decline was stopped by a support level formed by the 50-hour simple moving average at 126.15.
As for the near future, it is likely that the currency exchange rate maintains a junior ascending channel pattern. The potential upside target will be near the upper boundary of the channel at 127.08.
However, the EUR/JPY currency pair could reverse from the current level at 126.54 and aim for the 100-hour SMA at 126.03 during the following trading session.
