The Eurozone single currency has declined by 141 basis points or 1.19% against the Japanese Yen since Friday’s trading session. The currency pair tested the weekly S1 at 117.37 on Monday.
All things being equal, the 200– hour simple moving average could pressure the exchange rate lower today. The EUR/JPY pair will most likely aim for the weekly S2 at 116.28.
However, the weekly S1 at 117.37 could still provide support for the currency exchange rate within the following trading session.
