The common European currency appreciated by 108 basis points against the Japanese Yen on Monday. The currency pair tested the 50.00% Fibonacci retracement level at 121.33 during yesterday’s trading session.
As for the near future, the EUR/JPY exchange rate will most likely continue bullish. The next target for bullish traders will be near a resistance level formed by the weekly R1 at 121.98.
However, the 200– period simple moving average at 121.51 could provide resistance for the currency exchange rate during the following trading session.
