The single European currency declined by 152 pips or 1.25% against the Japanese Yen on Tuesday. The currency pair was pressured lower by the 200– hour simple moving average during yesterday’s trading session.
Everything being equal, the EUR/JPY exchange rate could continue to edge lower during the following trading session. The potential target for bearish traders would be at the 120.00 mark.
On the other hand, the currency exchange rate could reverse from the current price level at 120.85 and aim at the 200– hour SMA at 121.93 within this session.
