The EUR/JPY currency pair bounced off a support level formed by the 200– hour simple moving average at 129.77 on Monday. As a result, the European single currency surged by 51 pips or 0.40% against the Japanese Yen during Monday’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 will be near the weekly resistance level at 130.72.
However, the resistance line at 130.32 could still provide resistance for the currency exchange rate within this session.
