The single European currency declined by 81 basis points or 0.64% against the Japanese Yen on Wednesday. The currency pair breached the 50– and 100– hour SMAs during Wednesday’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 weekly S1 at 124.88.
However, the currency exchange rate could reverse from the support line at 125.20 and aim at the weekly pivot point at 125.94 today.
