The common European currency depreciated about 144 base points against the Japanese Yen on Tuesday. The decline was stopped by a support level formed by the upper boundary of an uptrend line at 123.40.
The exchange rate is currently moving towards a resistance cluster formed by the combination of the weekly and the monthly pivot points at 124.33.
As for the near future, it is likely that the currency exchange rate will make a U-turn south from the resistance level as mentioned above.
However, the 50-hour simple moving average at 124.07 could provide hinder such prediction to occur within this session.
