The common European currency traded with low volatility against the Japanese Yen on Monday. The currency pair made about 30 pips movement during yesterday’s trading session.
The 50– hour simple moving average has continued to provide support for the currency exchange rate today.
If the support level continues to hold, bullish traders could drive the exchange rate further north within this session.
However, if the EUR/JPY pair breaks the 50– hour SMA, a decline towards a support cluster formed by the 100-hour SMA and the weekly pivot point at 118.90 could be expected.
