The common European currency declined by 43 pips or 0.34% against the Japanese Yen on Monday. The currency pair breached the 50– and 200– hour SMAs during Monday’s trading session.
All things being equal, the exchange rate could continue to edge lower during the following trading session. The potential target for bears would be near the weekly S1 at 123.40.
However, a support line at the 123.60 area could provide support for the currency exchange rate in the shorter term.
