The common European currency declined by 173 pips or 1.30% against the Japanese Yen on Thursday. The currency pair tested the 131.00 level during Thursday's trading session.
Bears will most likely continue to pressure the exchange rate lower during the following trading session. The potential target for sellers would be near the 130.50 level.
However, the EUR/JPY currency exchange rate could reverse from the current price level at 131.16 and target the 50– hour simple moving average at 132.37 within this session.
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