The common European currency has declined by 116 pips or 0.98% against the Japanese Yen since yesterday’s trading session. The currency pair reversed from the upper boundary of an ascending channel pattern at 118.50 on Thursday.

All things being equal, the EUR/JPY exchange rate could continue to edge lower. Bearish traders could pressure the price towards the 200– hour simple moving average at 116.78 today.

A potential upside reversal could occur from the 200– hour SMA during the following trading session.

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