The 50– and 100-hour simple moving averages have guided the EUR/JPY currency pair towards the lower boundary of a medium-term descending channel pattern at 123.75.
As for the near future, it is likely that the common European currency will continue its decline against the Japanese Yen. Bearish traders could push the currency exchange rate towards a support cluster at 121.99.
Moreover, technical indicators flash sell signals on both the smaller and the larger time frames chart.
