The common European currency depreciated about 110 base points against the Japanese Yen on Tuesday. The currency pair was pressured south by the 50-hour simple moving average.
Currently, the exchange rate is testing a support level formed by the weekly S3 at 123.13. If this support level holds, the currency exchange rate will aim for a resistance cluster at 124.14 within this session.
However, if the EUR/JPY pair passes the support level, a breakout through the lower boundary of a descending channel pattern could be expected today.
