The single European currency appreciated about 67 base points against the Japanese Yen on Monday. The surge was briefly stopped by the 50– and 100-hour SMAs at 129.80.
Today’s session begins with a bullish momentum, as a result, the currency pair dashed through the SMAs as mentioned above. Currently, the rate is trading near a resistance level formed by the weekly PP at 130.07.
As for the near future, it is likely that the EUR/JPY currency exchange rate makes a temporary retracement south towards the 129.50 regions during the following trading session.
