The common European currency declined by 222 basis points or 1.85% in value against the Japanese Yen on Tuesday. The decline began after the currency pair failed to surpass the monthly pivot point at 119.64.
All things being equal, the EUR/JPY exchange rate will most likely continue to decline. The potential target for bearish traders would be near the monthly S2 at 116.62.
Although, the weekly support level at 117.19 could provide support for the currency exchange rate within the following trading session.
