The single European currency appreciated about 120 base points against the Japanese Yen on Tuesday. This surge was briefly stopped by a resistance cluster formed by the monthly pivot point and the 100-hour simple moving average at the 128.95 area.
As for the short-term future, it is likely that the currency exchange rate continues to move south towards the weekly S2 at 127.71 during the following trading session.
However, a support cluster formed by the weekly S1 and the 50-hour SMA at 128.36 could hinder the EUR/JPY exchange rate from hitting the given target today.
