The European single currency depreciated by 42 basis points against the Japanese Yen on Wednesday. The 50– and 100– hour simple moving averages are providing resistance for the currency pair at 121.99.
If the resistance cluster holds, a decline towards the 121.32 area could be expected within this session.
However, if the exchange rate breaks the resistance level, bullish traders could drive the price higher today.
Technical indicators demonstrate that bulls are likely to dominate the currency exchange rate during the following trading session.
