The common European currency has continued to decline against the Japanese Yen. The currency pair lost about 70 basis points or 0.59% in value during Thursday’s trading session.

The exchange rate could continue to decline in the shorter term. The possible target for bearish traders would be near a support level formed by the weekly S3 at 118.38.

On the other hand, the currency exchange rate could reverse north from the monthly S1 at 119.00 within the following trading session.

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