The common European currency declined by 53 pips or 0.42% against the Japanese Yen on Tuesday. The decline was stopped by the 200– hour simple moving average at 126.34 during yesterday’s trading session.
All things being equal, the EUR/JPY exchange rate could continue to edge lower during the following trading session. The possible target for bears would be near the 125.800 area.
However, the 200– hour SMA could still provide support for the currency exchange rate within this session.
