The single European currency appreciated about 91 base points against the Japanese Yen on Monday. The currency pair tested a resistance level formed by the 50-hour simple moving average near the 124.20 area during yesterday’s trading session.
By and large, it is likely that the EUR/JPY exchange rate will continue to gain strength within this session. The potential upside targets for the pair will be near a resistance cluster formed by the 100– and 200-hour SMAs at 124.62.
However, technical indicators demonstrate that the currency exchange rate could continue its downwards movement today.
