The common European currency declined by 71 basis points or 0.57% against the Japanese Yen on Friday. The currency pair breached the 50– hour simple moving average during Friday’s trading session.
Technical indicators flash selling signals on the daily time-frame chart. Most likely, sellers could pressure the exchange rate lower during the following trading session. The potential target for bears would be at the 123.00 level.
However, the 50– hour SMA at 123.83 could provide resistance for the currency exchange rate in the shorter term.
