EUR/JPY Analysis: Potential decline today


The single European currency slumped by 0.57% against the Japanese Yen during the first half of Thursday's session. However, the recovered some lost points by the end of the trading session.

The currency pair was stranded between SMAs during the morning hours of Friday's trading session. The 50-hour simple moving average was providing support at 128.15, while the 100-hour SMA was providing resistance at 128.35.

Technical indicators on the 4(H) and daily time-frame suggest that the currency exchange rate is likely to depreciate within this session. The potential downside target for the rate will be at a support level set by the monthly S1 near the 127.83 mark.



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