The common European currency depreciated about 70 base points against the Japanese Yen on Tuesday. The monthly pivot point at 122.59 provided support for the exchange rate during yesterday’s trading session.
Given that the 50-, 100– and 200-hour simple moving averages are above the price action on the 1(H) time frame chart, it is likely that the currency pair will continue its downside movement within this session. The possible targets for the pair will be at the 122.00 mark.
Meanwhile, technical sentiment suggests that the currency exchange rate could continue its decline in the shorter term.
