The Eurozone single currency appreciated by 0.45% in value against the Japanese Yen on Wednesday. The currency pair breached the 50– and 100– hour SMAs during Wednesday’s trading session.
Currently, the exchange rate is trading near the upper line of a descending trendline at 117.64.
If the downtrend line holds, a decline towards a support level formed by the weekly S1 at 116.94 could follow within this session.
However, if the currency exchange rate passes the trendline, bullish traders might target the weekly R1 at 118.16 today.
