The common European currency fell by 62 pips or 0.49% against the Japanese Yen on Monday. The decline was stopped by the 200– hour simple moving average at 127.63 during yesterday’s trading session.
Given that the exchange rate has bounced off the 200– hour SMA, buyers could pressure the EUR/JPY pair towards the weekly R1 at 128.39 during the following trading session.
However, the 50– hour simple moving average at 127.86 could provide resistance for the currency exchange rate today.
