The single European currency surged by 48 basis points against the Japanese Yen on Tuesday. The decline was stopped by the 50– hour simple moving average at 122.27 during yesterday’s trading session.
Everything being equal, the EUR/JPY currency pair will likely edge lower within this session. Bearish traders might target the 38.20% Fibonacci retracement level at the 121.77 area.
Although, the 100– hour SMA at 122.00 could provide support for the currency exchange rate during the following trading session