The common European currency declined by 154 basis points or 1.24% against the Japanese Yen on Monday. The currency pair breached the 50– and 100– hour SMAs during yesterday’s trading session.
All things being equal, the EUR/JPY exchange rate could continue to edge lower. The potential target for bearish traders would be near the 200– hour simple moving average at 121.30.
On the other hand, the currency exchange rate could reverse from the monthly support level at 121.57 and makes some upward movement during the following trading session.
