The common European currency declined by 116 pips or 0.89% against the Japanese Yen on Thursday. The currency pair breached the 200– hour SMA support level at 129.31 during yesterday’s trading session.
All things being equal, bearish traders are likely to continue to drive the exchange rate lower during the following trading session. The potential target for sellers will be near the 128.60 level.
However, the EUR/JPY currency exchange rate may encounter support at 128.50 within this session.
