The common European currency traded sideways movement against the Japanese Yen on Monday. The 50-hour simple moving average provided support for the currency pair during yesterday’s trading session.
However, today’s trading session began with the bearish sentiment, and by the middle of the trading hours, the exchange rate has dashed through the support level formed by the 50-hour SMA.
Most likely, the currency exchange rate will continue its downward swing within this session. The potential target for bearish traders will be near a support level formed by the weekly S1 at 121.83.
