The single European currency has declined more than 110 basis points or 0.98% against the Japanese Yen since Thursday’s trading session. The currency pair breached the support cluster at the 116.08 area on Thursday.
Technical indicators suggest selling signals on both the smaller and the larger time-frame charts. Therefore, bearish traders might continue to pressure the exchange rate lower within this session.
On the other hand, the currency exchange rate might reverse from the current price level at 115.68 and retest the resistance cluster at 116.08 during the following trading session.
