Judging by the price movement on the EUR/JPY currency pair chart, there was a re-decline in the price on Thursday's trading yesterday slowing down the bullish pattern exhibited at the beginning of the week.
The price that started the rise from the 140.00 level has reached a height of around 142.900 last Wednesday with the resistance at the 143.00 zone failing to be crossed.
Previously, the price was seen moving above the support level of the Moving Average 50 (MA50) on the 1-hour time frame on the EUR/JPY chart, but the situation changed when yesterday's decline began to see the price fall below that level again.
The lack of catalyst factors that move the market at the end of 2022 invites analysts to warn investors to be careful of any volatile price movements.
Price movement is expected to be slow for this 2022 closing curtain, but analysts do not rule out if a surprise could happen especially in the New York session.
Resuming trading today (Friday), the price continued its downtrend to around 141.00 as of the start of the European session.
A lower drop would be expected towards around 140.00 which was the price focus level in last week's trade.
Last week's low at 138.800 is likely to be tested if the decline continues before the support zone at 137.500 will be the next target.
However, if there is a change in the price direction that makes a rise again and crosses the MA50 barrier, it will be an early indicator for price movement to higher levels.
Continuing the rising pattern at the beginning of the week, the price that managed to break through the resistance of the 143.00 zone is then seen to be heading to around the height of 145.00.
