The 200– hour simple moving average pressured the common European currency lower against the Japanese Yen on Wednesday. The currency pair declined by 165 pips or 1.38% in value during yesterday’s trading session.
The exchange rate will most likely continue to edge lower within the following trading session. The EUR/JPY pair could target the psychological support level at the 116.00 mark.
Although, the monthly support level at 116.62 could provide support for the currency exchange rate during the following trading session.
