The common European currency appreciated about 59 base points against the Japanese Yen on Friday. The currency pair was supported by the 50-hour simple moving average.
The exchange rate was trading near a resistance level formed by the 200-hour simple moving average at 125.04 during the morning hours of Monday’s trading session.
If the 200-hour SMA holds, the currency exchange rate could make a potential reversal towards the lower band of a counter trendline at 124.50.
However, if the pair passes the resistance level as mentioned earlier, the next target for the Euro will be near the weekly R2 at 125.70.
