The EUR/JPY currency exchange rate found support in the zone that surrounds the 131.60 mark, on Friday. Since then, the currency pair has been recovering. On Monday morning, the pair reached the resistance of the 200-hour simple moving average near 132.40.
In the case that the rate surges above the 200-hour SMA and the 132.40 mark, the pair might find resistance in the previous week’s high level zone near 132.75.
On the other hand, a potential decline might look for support in the 55-hour SMA near 132.20 before reaching the 131.60 level.
