The common European currency declined by 53 basis points or 0.42% against the Japanese Yen on Monday. The currency pair breached the 50– and 100– hour SMAs during yesterday’s trading session.
As for the near future, the EUR/JPY pair could continue to edge lower. The exchange rate is likely to target the lower line of an ascending channel pattern at 125.30 during the following trading session.
However, the weekly pivot point at 125.76 could provide support for the currency exchange rate in the shorter term.
