The common European currency depreciated about 75 base points against the Japanese Yen on Wednesday. The decline continued during the morning hours of today’s trading session.
By the middle of Thursday’s trading session, the currency pair has breached both the 50– and 100-hour simple moving averages.
Technical indicators flash bearish signals on both the smaller and the larger time frame charts. Therefore, it is likely that bearish traders might aim for the 120.80 area today.
