The common European currency declined by 75 pips or 0.59% against the Japanese Yen on Wednesday. The currency pair tested the 100– hour simple moving average at 125.26 during Wednesday’s trading session.
Everything being equal, the EUR/JPY pair could continue to edge lower during the following trading session. A breakout through the lower boundary of an ascending channel pattern could occur.
On the other hand, the currency exchange rate might range between the 125.50/125.22 area within this session.
