The single European currency has surged by 50 basis points against the Japanese Yen since Friday’s trading session. The 50- hour simple moving average guided the currency pair during last week’s trading sessions.
Everything being equal, the EUR/JPY exchange rate will likely continue to edge higher within this session. The potential target for bullish traders would be near the weekly R1 at 122.32.
A potential downside reversal could occur from the weekly R1, as mentioned above, during the following trading session.
