During yesterday’s trading session, the Eurozone single currency declined by 84 pips or 0.69% in value against the Japanese Yen. The currency pair breached the weekly support level at 119.61 on Wednesday.
Everything being equal, the EUR/JPY exchange rate will most likely continue to decline. The potential target for bearish traders would be near the weekly S2 at 119.15.
A possible upside reversal could follow from the weekly support level at 119.15 before the end of today’s trading session.
