During the past 24 hours of trading, the single European currency has depreciated about 75 basis points against the Japanese Yen. The pair was pressured south by the 50– and 100– hour SMAs, which provided resistance for the currency pair at 119.00 during yesterday’s trading session.
As for the near future, it is likely that the EUR/JPY exchange rate could continue its decline. The potential downside target will be near the weekly support level at 117.34.
However, the monthly S2 at 118.00 could provide support for the currency exchange rate during the following trading session.
