The 200– hour simple moving average provided resistance for the EUR/JPY currency pair on Tuesday. As a result, the Eurozone single currency declined by 85 pips or 0.65% against the Japanese Yen.
Technical indicators suggest selling signals on the 4H and daily time-frame charts. The exchange rate is likely to continue to decline in a descending channel pattern during the following trading session.
However, the EUR/JPY currency exchange rate might reverse from a support level formed by the weekly S1 at 129.62 within Wednesday’s trading session.
