During the past 24 hours of trading, the common European currency has depreciated by about 0.56% in value against the Japanese Yen. The currency pair breached the monthly S1 at 117.40 during the morning hours of Thursday’s trading session.
As for the near future, the EUR/JPY exchange rate would continue to decline until it reaches a support level formed by the monthly S2 at 116.74.
If the support level holds, the currency exchange rate will most likely make an upside reversal or trade sideways above the weekly S2 during the following trading session.
