On Friday, the Eurozone single currency declined by 47 pips or 0.36% against the Japanese Yen. The 50– hour simple moving average pressured the exchange rate lower during Friday’s trading session.
Everything being equal, the EUR/JPY currency pair could continue to trend lower during the following trading session. The possible target for bears would be near the 129.40 area.
However, a support level at 129.70 could provide support for the currency exchange rate in the shorter term.
