During the past 24 hours, the common European currency has depreciated about 47 basis points against the Japanese Yen. The currency pair breached both the 50-, 100– and 200– hour SMAs.

The exchange rate breached the weekly pivot point at 120.02 during the morning hours of Wednesday’s trading session.

By and large, the EUR/JPY pair will most likely continue to edge lower within this session. The potential target will be near the monthly PP at 119.67.

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If the support level, formed by the monthly PP holds, a possible upside reversal could occur in the nearest future.

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