Since yesterday’s trading session, the common European currency has declined by 88 pips or 0.75% against the Japanese Yen. The currency pair was pressured lower by the 50– and 100– hour SMAs.
As for the near future, bearish traders could continue to pressure the price lower within this session. The potential target for the EUR/JPY exchange rate would be at the 115.50 region.
Although, a support cluster formed by the weekly S1 and the monthly S1 at 116.08 could provide support for the currency exchange rate during the following trading session.
