Bullish sentiment dominated the single European currency against the Japanese Yen on Wednesday. As a result, the currency pair appreciated about 0.72% during yesterday’s session.
However, after hitting a strong resistance level formed by the combination of the weekly and the monthly pivot points at 124.36, the exchange rate made a U-turn south and tested the lower boundary of an ascending trendline during the morning hours of today’s trading session.
By and large, is like likely that the currency exchange rate continues its decline within this session and bears could pressure the EUR/JPY pair towards a swing low of 123.40
