The common European currency surged by 46 pips or 0.36% against the Japanese Yen on Friday. The currency pair tested the 130.60 level during the Asian session on Monday.
The exchange rate reversed from a resistance level at 130.60 on Monday morning. Most likely, the EUR/JPY pair could continue to edge lower during the following trading session.
However, a support level formed by the 200– hour simple moving average at 130.15 could provide support for the currency exchange rate in the shorter term.
