The common European currency declined by 42 pips or 0.33% against the Japanese Yen on Monday. The currency pair tested a support cluster at 127.79 during yesterday’s trading session.
The exchange rate breached the support cluster formed by the weekly pivot point and the 50– hour SMA on Tuesday morning. Most likely, the EUR/JPY pair will continue to edge lower today.
However, a support line formed by the 100– and 200– hour SMAs near the 126.55 area could provide support for the currency exchange rate within this session.
