The common European currency surged by 130 points or 1.08% against the Japanese Yen on Monday. The surged was stopped by the weekly pivot point at 121.74 during Monday’s trading session.
As for today’s session, the exchange rate could continue to edge higher. Bullish traders are likely to target the weekly resistance level at 123.23.
However, the 200– period simple moving average at 122.12 could provide resistance for the EUR/JPY currency exchange rate during the following trading sessions.
