The common European currency declined by 95 pips or 0.79% in value against the Japanese Yen. The currency pair was pressured lower by the 50-, 100– and 200– hour SMAs during yesterday’s trading session.
By and large, the exchange rate could continue to decline within the following trading session. The potential target for the EUR/JPY pair will be at the bottom border of a descending channel pattern at 118.89.
Although, the currency exchange rate could make a slight upward movement towards the weekly and the monthly PPs at 119.64 during the following trading session.
