The single European currency declined by 57 basis points or 0.46% against the Japanese Yen on Wednesday. The currency pair breached the 50– hour SMA during yesterday’s trading session.
All things being equal, the exchange rate could continue to edge lower during the following trading session. The potential target for the EUR/JPY pair would be at the 122.99 level.
However, a support cluster near the 123.35 area could provide support for the currency exchange rate in the shorter term.
