The Euro declined by 100 basis points or 0.80% against the Yen during the first part of Friday’s trading session. The currency pair regained some of the lost points at the end of the trading day.
Currently, the exchange rate is testing a resistance level formed by the 50– hour simple moving average at 123.66.
If the resistance level holds, bearish traders could pressure the EUR/JPY pair lower within this session.
However, if the currency exchange rate breaks the 50– hour SMA, the next target for bulls would be at the 124.50 area.
