The 200– hour simple moving average at 121.41 provided support for the single European currency against the Japanese Yen on Tuesday.

Most likely, the 200– hour SMA will pressure the EUR/JPY exchange rate higher within this session. Buyers are potentially looking at the 123.48 level to exit the market.

However, if the currency pair breaks the 121.41 area, a decline towards the lower boundary of an ascending channel pattern at 121.00 could be expected during the following trading session.

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