The Eurozone single currency depreciated about 77 basis points against the Japanese Yen on Friday. The decline was stopped by the monthly pivot point at 119.67 during Friday’s trading session.
The exchange rate bounced off the monthly pivot point during the morning hours of today’s trading session.
By and large, the EUR/JPY currency pair will most likely continue to edge higher within the coming hours. The potential target will be at the 120.40 area.
Although, the 50-, 100– and 200– hour SMAs near the 120.75 regions could provide resistance for the currency exchange rate within this session.
