The common European currency traded sideways against the Japanese Yen on Tuesday. The currency pair was moving along the three moving averages during the previous trading session.
The exchange rate breached a traditional weekly pivot point at 128.40 during the first part of Wednesday’s session.
Given that the EUR/JPY has breached the weekly PP, the common scenario would be a decline towards the lower boundary of an ascending trendline at 128.80 during the following trading session.
However, technical indicators suggest that this decline might not happen immediately.
