On Monday, the common European currency fell by 81 pips or 0.83% against the Japanese Yen. The currency pair tested the lower line of a descending channel pattern at 128.20 during Monday’s trading session.
Given that the EUR/JPY exchange rate has bounced off the lower boundary of the channel pattern, buyers could target the 129.20 level during the following trading session.
However, the 50– hour simple moving average at 128.72 could provide resistance for the currency exchange rate within this session.
