The common European currency has edged lower by 42 basis points against the Japanese Yen since yesterday’s trading session. The currency pair breached the 23.60% Fibonacci retracement level at 122.13 during the Asian trading session on Tuesday.
As for the near future, the EUR/JPY exchange rate could continue to decline. The potential target will be at the 50.00% Fibonacci level at 121.47 within the following trading session.
However, the currency exchange rate might reverse north from the 38.20% Fibo at 121.77 during the following trading session.
