The single European currency depreciated about 46 base points against the Japanese Yen on Tuesday. The 200-hour simple moving average provided support for the currency pair at 120.90.
It is unlikely, that the exchange rate could surpass the 200-hour SMA at 120.90, as well the bottom line of an uptrend line at 121.10 within this session.
If the support cluster holds, it is apparent that the currency exchange rate could aim for the weekly R1 at 121.55 in the nearest future.
However, it is unlikely, that the euro could reach the 121.55 area because of the monthly pivot point at 121.28.
