The common European currency appreciated about 64 basis points against the Japanese Yen on Monday. The 50– hour simple moving average provided resistance for the currency pair at 118.17.
Currently, the exchange rate is moving towards the lower boundary of a descending channel pattern at 117.45.
If the support level holds, bulls would push the currency exchange rate higher within this session.
However, if the EUR/JPY breaks the channel pattern, the Eurozone single currency will continue its southern movement during the following trading session.
