The common European currency declined by 49 pips or 0.38% against the Japanese Yen on Tuesday. The decline was stopped by the 50– hour simple moving average at 129.60 during Tuesday’s trading session.
All things being equal, bullish traders are likely to continue to drive the exchange rate higher during the following trading session. The potential target for buyers will be near the 130.60 level.
However, the EUR/JPY currency exchange rate may encounter resistance at 130.14 within this session.
