The common European currency traded with low volatility against the Japanese Yen on Monday. The monthly pivot point at 126.69 restricted the currency pair from making an upside movement.
The 50-hour simple moving average at 126.59 was providing resistance for the pair during the first half of today’s trading session.
If the resistance level formed by the 50-hour SMA holds, a decline towards a support cluster set by the weekly PP and the 100-hour simple moving average at 125.99 could be expected today.
On the other hand, if the EUR/JPY pair passes the resistance level as mentioned earlier, a surge towards a swing high of 126.80 could be a reality.
