The common European currency depreciated about 628 base points against the Japanese Yen on Wednesday. This sharp decline was caused by the general strength of the Yen against a basket of major currencies.
The exchange rate has recovered about 1.58% of its values since the starts of today’s trading session.
As for the short-term future, it is likely that the Euro will continue its rebound and potentially aim at a resistance cluster formed by the combination of the weekly S1 and the 50-hour simple moving average at 124.45 during the following trading session.
