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EUR/JPY Two Scenarios Likely

The common European currency has declined by 81 points or 0.65% against the Japanese Yen since Thursday’s trading session. The currency pair tested the 100– hour simple moving average at 123.35 on Friday morning.

If the 100– hour SMA support level holds, the exchange rate could make an upside movement during the following trading session.

However, if the currency exchange rate breaks the support level, a decline towards the 200– period simple moving average at 122.74 could be expected within Friday’s trading session.

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