The single European currency has depreciated about 79 basis point against the Japanese Yen since yesterday’s trading session. The currency pair tested a support cluster formed by the lower boundary of an ascending channel pattern and the combination of the weekly pivot point and the 200– hour simple moving average at 119.05 during the morning hours of Thursday’s session.
If the support cluster holds, the exchange rate will edge higher within the following trading session.
However, if the currency exchange rate passes the support line, a decline towards a swing low at 118.14 could be expected today.
