The common European currency declined by 45 points or 0.37% against the Japanese Yen on Tuesday. The currency pair breached the 50– hour simple moving average during yesterday’s trading session.

Most likely, the exchange rate will continue to decline within the following trading session. The EUR/JPY pair could target the weekly pivot point at 120.79.

However, technical indicators demonstrate that the currency exchange rate would continue to trend in the ascending channel pattern during the following trading session.

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