The single European currency depreciated about 79 basis points against the Japanese Yen on Monday. The currency pair breached both the 50– and 100– hour SMAs at the end of the previous trading session.
In Regards the near future, the EUR/JPY exchange rate will most likely continue to edge lower until it reaches the lower boundary of an ascending channel pattern at 118.66.
However, technical indicators demonstrate that the currency exchange rate will surge during the following trading session.
