The common European currency depreciated about 63 base points against the Japanese Yen on Tuesday. The pair was pressured south by the 50-hour simple moving average.
The currency pair is currently testing a support level formed by the weekly S1 at 121.83.
If the support level holds, a surge towards the 100-hour SMA at 122.51 might occur within this session.
However, if the currency exchange rate passes the weekly S1, sellers could aim for the lower boundary of a descending channel pattern at 121.19 today.
