The common European currency has declined by 58 basis points against the Japanese Yen since Wednesday’s trading session. The 50– and 100– hour SMAs pressured the currency pair lower on Wednesday.
As for the near future, the EUR/JPY exchange rate could target the lower boundary of a descending channel pattern at 119.12. Furthermore, technical indicators flash sell signals on the smaller and the larger time-frame charts.
Although, the currency exchange rate could make an upward reversal from a support level at 119.78 within the following trading session.
