• EUR/JPY continues declining and has formed a bearish pattern called a Measured Move. 
• It is composed of three waves – wave C appears to be in mid development.
• The bearish 4-hour chart echoes weak technicals observed on the weekly chart.  

EUR/JPY is down over a third of a percent, trading in the 163.70s on Wednesday, on the back of a mixture of probable intervention by the Japanese authorities to strengthen the Japanese Yen (JPY) and more dovish commentary from rate-setters at the European Central Bank (ECB).