The EUR/JPY currency pair has continued to trade sideways during the morning hours of Friday’s trading session. The 50-hour simple moving average provided support for the exchange rate at 121.63.
As for the near future, it is likely that the Eurozone single currency could continue to trade south during the following trading sessions. The potential target will be at the psychological level at 121.00.
However, a support cluster formed by the combination of the weekly and the monthly PPs at 121.28 could provide support for the currency exchange rate within this session.
