On Wednesday, the common European currency declined by 74 pips or 0.56% against the Japanese Yen. The currency pair breached the 50– hour simple moving average during yesterday’s trading session.
Technical indicators suggest selling signals on the 4H time-frame chart. Most likely, the EUR/JPY exchange rate could continue to trend lower in a descending channel pattern within this session.
However, sellers may encounter support at 131.59 during Thursday’s trading session.
