The common European currency has declined by 144 pips or 1.22% against the Japanese Yen since May 1. The currency pair breached the 200– period simple moving average at 116.28 during yesterday’s trading session.
All things being equal, the EUR/JPY exchange rate will most likely continue to edge lower during the following trading session. The potential target would be at the 116.00 area.
Although, the currency exchange rate could make a brief retracement towards the weekly pivot point at 116.86 within this session.
