On Monday, the common European currency depreciated about 112 base points against the Japanese Yen. The decline was stopped by the 200-hour simple moving average.
Currently, the exchange rate is stranded between SMAs. The 50– and 100-hour SMAs are providing resistance, while the 200-hour moving average is providing support for the pair.
By and large, a breakout is likely to occur within this session. Technical indicators suggest that the currency exchange rate might make an upside reversal today.
