The single European currency traded with low volatility against the Japanese Yen on Friday. The currency pair breached the 50-hour simple moving average at 122.82 during Friday’s trading session.
Currently, the exchange rate is stranded between a resistance cluster formed by the combination of the 100– and 200-hour SMAs and the weekly pivot point at 122.88 and a support level set by the 50-hour simple moving average at 122.60.
Technical indicators demonstrate that the currency exchange rate will continue its downward swing during the following trading session. The potential downside target for bearish traders will be at the 122.20 area.
