The common European currency surged by 143 pips or 1.22% against the Japanese Yen on Tuesday. The currency pair tested the psychological resistance level at 119.00 during yesterday’s trading session.
The exchange rate made a U-turn from the psychological level by the end of Tuesday’s session. Most likely, the EUR/JPY pair will continue to decline within the following trading hours.
However, a support cluster formed by the weekly pivot point and the 100– hour simple moving average at 117.84 could provide support for the currency exchange rate today.
