The 200– hour simple moving average provided resistance for the EUR/JPY currency pair on Tuesday. As a result, the common European currency declined by 49 pips or 0.42% against the Japanese Yen.
The exchange rate will most likely surpass the weekly support level at 117.37 and continue its bearish momentum within this session. The possible target for bears would be at the 116.50 area.
But, if the weekly S1 holds, the currency exchange rate could make a brief pullback towards the 117.80 mark during the following trading session.
