The common European currency declined by 32 pips or 0.25% against the Japanese Yen on Wednesday. The weekly pivot point at 126.71 provided support for the currency exchange rate during yesterday’s trading session.
All things being equal, the exchange rate could continue to edge lower during the following trading session. The possible target for sellers would be near the lower boundary of an ascending channel pattern at 126.40.
However, the 200– hour simple moving average at 126.63 could provide support for the currency exchange rate within this session.