The Eurozone single currency remained stable against the Japanese Yen on Wednesday, as the currency pair was trading with low volatility. Also, the pair breached the 55-hour simple moving average at 126.12.
After hitting the monthly pivot point at 126.83 during the previous session, the exchange rate made a U-turn south. However, the decline was stopped by a double bottom support level at 125.80.
Everything being equal, it is likely that the EUR/JPY currency exchange rate continue moving down along the junior descending channel during the following trading session.
