The common European currency declined by 104 basis points or 0.86% against the Japanese Yen on Wednesday. The currency pair was pressured lower by the 50– and 100– hour SMAs during Wednesday’s trading session.
Technical indicators suggest selling signals on the 4hr time-frame chart. Most likely, the EUR/JPY exchange rate could continue to decline within the following trading session.
A potential upside reversal could occur from the weekly support level at 119.37 during the following trading session.
