The common European currency surged by 119 pips or 0.98% against the Japanese Yen on Wednesday. The currency pair breached the psychological support level at 122.00 during Wednesday’s trading session.
All things being equal, the EUR/JPY exchange rate could slide lower within this session. The possible target for sellers would be near the support level at the 120.69 area.
However, a support cluster formed by the weekly support level and the 50– hour simple moving average at 121.57 could provide support for the currency exchange rate today.
