The Eurozone single currency has declined by 73 points or 0.59% against the Japanese Yen since Friday’s trading session. The currency pair breached the 122.60 level on Monday morning.
All things being equal, the EUR/JPY exchange rate could continue to edge lower during the following trading session. The potential target for bears would be at the 121.50 level.
However, the weekly S1 at 122.35 might provide support for the currency exchange rate in the shorter term.