The common European currency appreciated about 70 base points against the Japanese Yen on Wednesday. The currency pair breached the 50– hour simple moving average at 126.05 during yesterday’s session.
Everything being equal, it is likely that the currency exchange rate edges lower within this session. The potential downside targets will be near a swing low of 125.75.
Although, a support cluster formed by the combination of the monthly S1 and the 50-hour SMA at 126.05 could prevent the EUR/JPY currency pair from falling today.
