The common European currency rose by 141 pips or 1.08% against the Japanese Yen on Monday. The currency pair tested the resistance level at 131.44 during yesterday’s trading session.
All things being equal, the exchange rate could continue to edge higher during the following trading session. The potential target for buyers would be near the 200– hour SMA at 132.48.
However, the weekly pivot point at 131.68 could provide resistance for the EUR/JPY currency exchange rate in the shorter term.
