The common European currency traded sideways movement against the Japanese Yen on Monday. The 100-hour simple moving average provided resistance at 121.08 during yesterday’s trading session.
Most likely, the EUR/JPY exchange rate might continue its downward swing within this session. Bearish traders are likely to aim at the lower boundary of a descending channel pattern at 120.52.
Furthermore, technical indicators suggest that the currency exchange rate could edge lower during the following trading session.
