The common European currency has declined by 59 basis points against the Japanese Yen since Tuesday’s trading session. The weekly R2 at 122.42 provided resistance for the currency pair on Tuesday.
As for the near future, the EUR/JPY exchange rate could target a support cluster formed by the weekly pivot point and the weekly R1 at 121.50. If the support cluster holds, a potential upside reversal could occur within this session.
However, if the currency exchange rate breaks the support line, the next target for bearish traders would be at the 200– hour simple moving average at 121.14.
