Since this week’s trading sessions, the 50– hour simple moving average continued to pressure the EUR/JPY currency pair lower. The common European currency fell by 52 pips or 0.40% against the Japanese Yen on Thursday.
As for the near future, the exchange rate could continue to edge lower. Bearish traders might target the 129.40 region within the following trading session.
However, the weekly support level at 129.62 could provide support for the currency exchange rate during Friday’s trading session.
