The Eurozone single currency has declined by 45 pips or 0.37% in value against the Japanese Yen since yesterday’s trading session. The currency pair breached the monthly support level at 119.01 on Tuesday morning.
Everything being equal, the EUR/JPY exchange rate could continue to edge lower. The potential target for bearish traders would be near a support level formed by the weekly S1 at 118.38 within this session.
Furthermore, technical indicators suggest that the currency exchange rate will most likely continue its decline in the shorter term.