Thursday's trading session was relatively calm for the EUR/JPY currency pair, as it remained pressured to the upside by the 100– hour simple moving average. Meanwhile, the rate was supported by the 100– hour SMA.
During the first part of Friday's session, the exchange rate was trading with low volatility. However, after the pair reached near the weekly pivot point at 131.20 the rate made a sharp turn south.
Technical indicators suggest a strong decline in the market for the currency exchange rate today. The nearest support for the pair is located near the 130.49 area formed by the combination of the 55– and the 200– hour SMAs.
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