The single European currency rose 119 pips or 0.98% against the Japanese yen on Wednesday. The currency pair breached the psychological support level at 122.00 during Wednesday’s trading session.
All else being equal, the EUR / JPY exchange rate may slide lower within this session. The possible target for sellers would be near the support level in the 120.69 range.
However, a support cluster formed by the weekly support level and the 50-hour simple moving average of 121.57 can provide support for the exchange rate today.