The Eurozone single currency depreciated about 61 basis points against the Japanese Yen on Tuesday. The currency pair tested the weekly R1 at 120.69 during the previous trading session.
The exchange rate is currently testing a support level formed by the 200– hour simple moving average at 120.50.
If the support level holds, the EUR/JPY pair will most likely continue its bullish movement today.
However, if the currency exchange rate passes the 200– period SMA, a decline towards the 120.20 area could occur during the following trading session.
