The Eurozone single currency has depreciated about 81 base points against the Japanese Yen since yesterday’s trading session. The currency pair breached the 50-, 100– and 200-hour SMAs on Wednesday.
Everything being equal, it is very likely that the exchange rate will continue to trade south within this session. The pair could aim for the lower boundary of a descending channel pattern at 119.70 today.
However, a support level formed by the weekly S1 at 120.23 could provide support for the currency exchange rate during the following trading session.
