Upside risks dominated the common European currency versus the Japanese Yen on Monday. The currency pair appreciated by about 98 base points during yesterday’s session.
However, the surge was halt by a strong resistance cluster formed by the combination of the weekly and the monthly PPs at 128.89.
Technical indicators on the daily time frame suggest that the EUR/JPY currency exchange rate might continue its decline today.
If this decline continues, the pair could aim at the lower boundary of an ascending trendline at 128.00 during the following trading session.
