The Eurozone single currency depreciated about 0.59% in value against the Japanese Yen on Monday. The decline was stopped by a support level formed by the monthly S1 at 122.59.
A support cluster formed by the combination of the weekly and the monthly pivot points at 123.14 is currently providing support for the currency pair.
If this support level holds, a surge towards the 123.81 area could be expected within this session.
However, if the currency exchange rate breaches the support level, bears could be prepared to break the monthly S1 at 122.59 today.
