The common European currency declined by 45 pips or 0.34% against the Japanese Yen on Tuesday. The decline was stopped by the 200– hour simple moving average during Tuesday’s trading session.
Everything being equal, the exchange rate is likely to continue to edge lower during the following trading session. A breakout through the lower boundary of a descending channel pattern could occur.
However, the 200– hour SMA at 131.22 could still provide support for the currency exchange rate today.
