The common European currency declined by 107 pips or 0.85% against the Japanese Yen on Friday. The currency pair tested the 124.40 level during Friday’s trading session.
Given that the exchange rate has bounced off the lower line of a descending channel pattern, bullish traders could attempt to pressure the EUR/JPY pair towards the 100– hour simple moving average at 125.42 within this session.
However, a resistance cluster at 125.22 could provide resistance for the currency exchange rate in the shorter term.
