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