The common European currency has continued its decline against the Japanese Yen. The currency pair depreciated about 79 base points during Wednesday’s trading session.

Given that the 50-, 100– and 200-hour SMAs are above the price level, most likely, the currency exchange rate will continue its decline within this session. The pair could aim for the weekly S3 at 124.26.

Although, it is expected that the EUR/JPY pair makes a pullback towards a resistance cluster formed by the 50-hour simple moving average and the weekly S1 at 125.41 today.

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