The common European currency versus the Japanese Yen consolidated below the 50– hour simple moving average during Tuesday’s trading session.
Technical indicators suggest selling signals on both the 4-hour and the daily time-frame charts.
Most likely, bearish traders will continue to pressure the EUR/JPY currency pair lower within this session.
However, if the currency exchange rate breaks the resistance level formed by the 50– hour SMA at 122.97, a surge towards the 124.00 area could be expected within this session.
