The common European currency depreciated about 1.03% in value against the Japanese Yen. The currency pair breached both the 50-, 100– and 200-hour SMAs during yesterday’s trading session.
Most likely, the currency exchange rate will continue to trade down within this session. The potential target for bearish traders would be near the weekly S2 at 116.46.
However, a support level formed by the weekly S1 at 117.45 could provide support for the exchange rate today.
