The single European currency appreciated about 60 base points against the Japanese Yen on Monday. The exchange rate breached the 200-hour simple moving average at 128.88 during the end of the previous session.
Today’s session begins with a bearish sentiment and by the middle of the European trading session on Tuesday, the currency pair has dashed through all three SMAs and a support level formed by the weekly PP at 128.53.
By and large, it is likely that the bearish momentum continues to dominate the EUR/JPY pair within this session and potentially aim at a swing low of 127.60 during the following trading session
