The common European currency declined by 94 basis points or 0.80% against the Japanese Yen on Wednesday. The 50– hour simple moving average pressured the currency pair lower during yesterday’s trading session.
All things being equal, the EUR/JPY exchange rate will most likely continue to decline. Bearish traders could still target the 116.50 regions within the following trading session.
Moreover, technical indicators flash sell signals on both the smaller and the larger time-frame chart.
