The common European currency bounced off from the monthly pivot point at 119.67 against the Japanese Yen on Monday. As a result, the currency pair appreciated about 43 basis points during yesterday’s trading session.
All things being equal, the EUR/JPY exchange rate could continue to trade bullish in the shorter term. The pair might target a resistance level formed by the weekly R1 at 120.35.
However, given that the currency exchange rate is trading between 50-, 100– and 200– hour SMAs, it is likely that the pair might trade sideways during the following trading session.
