The single European currency declined by 36 points or 0.30% against the Japanese Yen on Tuesday. The 200– hour simple moving average provided resistance for the currency pair during yesterday's trading session.
Everything being equal, the exchange rate could continue to edge lower during the following trading session. The possible target for bearish traders would be near the weekly S1 at 126.22.
However, the lower boundary of a narrow descending channel pattern could provide support for the currency exchange rate within this session.
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