The Eurozone single currency depreciated about 100 base points against the Japanese Yen on Thursday. The currency pair is near a support cluster formed by the weekly and the monthly PPs at 131.85 during the morning hours of Friday’s trading session.
Everything being equal, it is likely that the exchange rate continues to move down towards the weekly S1 at 130.58 during the following trading session.
However, technical indicators suggest that this decline might not be immediate. The EUR/JPY currency pair could make a brief retracement towards the 50-hour simple moving average at 132.31 in the coming hours.
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