The single European currency depreciated about 53 base points against the Japanese Yen on Wednesday. The currency pair continued its downward momentum during the first half of today’s trading session.
The exchange rate is gradually moving towards the weekly S2 at 120.11. If the weekly support level holds, a potential upside reversal could occur within this session.
On the other hand, if the currency exchange rate passes the weekly S2, bears are likely to drag the EUR/JPY pair further south until the end of this week’s trading session.
