On Friday, the common European currency fell by 24 pips or 0.18% against the Japanese Yen. The decline was stopped by the 200- hour simple moving average during Friday’s trading session.
The exchange rate breached the 200- hour SMA at 131.89 during the Asian session on Monday. Most likely, sellers could continue to pressure the EUR/JPY pair lower within this session. The possible target for bearish traders would be near the 131.50 level.
However, the weekly pivot point at 131.64 could provide support for the currency exchange rate within the following trading session.
