The single European currency depreciated about 63 base points against the Japanese Yen on Wednesday. The decline was stopped by a support cluster formed by the combination of the weekly and the monthly PPs at 125.00.
Bears took control of the market during UK’s trading session on Thursday. By the middle of the day, the currency pair has lost about 0.41% of its values.
Everything being equal, it is likely that the currency exchange rate makes a U-turn north from a psychological support level at 125.00 before the end of today’s trading session.
However, if the rate passes the 200-hour SMAs at 125.00, the pair could remain in bears market within this session.
