The common European currency edged lower by 40 pips or 0.31% against the Japanese Yen on Wednesday. The currency pair breached the 50– and 200– hour SMAs during Thursday’s trading session.
By and large, the exchange rate is likely to continue to decline during the following trading session. A breakout through the lower boundary of a descending channel pattern could occur.
However, the support level at 131.03 could provide support for the EUR/JPY currency exchange rate in the shorter term.
