Bullish sentiment dominated the common European currency against the Japanese Yen on Monday. As a result, the currency pair gained about 62 base points during yesterday’s trading session.
The 50-hour simple moving average was providing support for the exchange rate during the first part of today’s session.
If the support level formed by the 50-hour SMA holds, bulls could drive the EUR/JPY currency exchange rate towards a weekly resistance line at 125.73.
Although, if the pair passes the 50-hour SMA, the next downside target will be near the monthly pivot point at 125.17.
