The Eurozone single currency declined by 75 basis points or 0.61% against the Japanese Yen on Tuesday. The currency pair tested the 100– hour simple moving average at 124.01 during Tuesday’s trading session.
Technical indicators suggest buying signals on the 4-hour time-frame chart. Most likely, bulls could pressure the exchange rate higher during the following trading session.
However, if the currency exchange rate breaks the 100– hour simple moving average, a decline towards the weekly pivot point at 123.33 could be expected within this session.
