Downside risks have continued to dominate the Eurozone currency against the Japanese Yen. The currency pair declined by 88 pips or 0.72% during Thursday’s trading session.
Technical indicators suggest selling signals on the 4 hour and daily time-frame charts. Most likely, bears could continue to pressure the exchange rate lower within this session.
However, a support cluster formed by the weekly S3 and the monthly S1 near the 121.72 area could provide support for the currency exchange rate during the following trading session. currency exchange rate during the following trading session.