The Eurozone single currency traded sideways against the Japanese Yen on Monday. The currency pair consolidated above the 50– and 100– hour SMAs at 117.53 during yesterday’s trading session.
As for the near future, the exchange rate could make a bullish move. The potential target will be at a resistance cluster formed by the 200– hour simple moving average and the monthly pivot point at 118.63.
The currency exchange rate will most likely make a decline from the resistance cluster, as mentioned above within the following trading session.
