The common European currency surged by 61 pips or 0.50% against the Japanese Yen on Monday.
The currency pair tested the 123.90 level during yesterday’s trading session. The EUR/JPY exchange rate is currently trading near the monthly resistance level at 124.00.
If the pair breaks the monthly resistance level, a surged towards the 124.50 level could be expected today.
However, if the resistance line holds, bearish traders could target the weekly pivot point at 123.37 within this session.
