During yesterday’s trading session, the common European currency declined by 47 pips or 0.39% in value against the Japanese Yen. The currency pair broke the monthly S1 at 118.98 on Tuesday.
Currently, the exchange rate is trading near a resistance cluster formed by the 50– and 100– hour SMAs at the 118.98 area.
If the resistance cluster holds, the EUR/JPY pair will most likely continue to edge lower within this session.
However, if the currency exchange rate breaks the 50– and 100– hour SMAs, a surge towards the 119.60 mark could be expected today.