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.

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However, if the currency exchange rate breaks the 50– and 100– hour SMAs, a surge towards the 119.60 mark could be expected today.

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