Downside risks prevailed in the market on Friday, thus sending the common European currency to plunged by about 109 base points against the Japanese Yen.
However, Monday’s trading session begins with a strong bullish momentum, and by the middle of the day, the exchange rate has gained about 98 base points of its values.
Currently, the pair is trading near a resistance cluster formed by the weekly and the monthly PPs at 128.89.
If this cluster holds, the EUR/JPY currency exchange rate will make a brief retracement down towards a support level set by the weekly PP at 128.36 with this session.
