The common European currency declined by 44 pips or 0.33% against the Japanese Yen on Thursday. The decline was stopped by the 50– hour simple moving average during Thursday’s trading session.
All things being equal, the EUR/JPY exchange rate could edge higher during the following trading session. A breakout through the resistance level at 132.51 could occur.
However, if the resistance level holds, bearish traders are likely to pressure the currency exchange rate lower in this session.