The common European currency has declined by 69 pips or 0.57% against the Japanese Yen on Wednesday. The currency pair reversed from the 50– hour simple moving average resistance level at 122.28 during yesterday’s trading session.
As for the near future, the EUR/JPY currency exchange rate could continue to edge lower. Bearish traders are likely to the price towards the 120.50 area within this session.
A potential upside reversal could occur from the weekly support level at 120.62 during the following trading session.
