The common European currency declined by 69 pips or 0.55% against the Japanese Yen on Tuesday. The decline was stopped by a support cluster formed by the 100– hour simple moving average and the weekly pivot point at 124.29 during yesterday’s trading session.
All things being equal, the EUR/JPY exchange rate could edge higher within this session. The possible target for bulls will be at the weekly R1 at 125..56.
However, if the currency exchange rate breaks the support level formed by the 50– hour SMA, a decline towards the 124.00 could occur in the near future.
