The single European currency appreciated about 134 base points against the Japanese Yen on Monday. The currency pair breached the monthly resistance level at 124.34 during the previous trading session.
The exchange rate is trading near the 200-hour simple moving average at 124.88 at the time of this analysis.
If the currency exchange rate passes the 200-hour SMA, the next target for bullish traders will be near a resistance cluster formed by the combination of the monthly and the weekly PPs at 127.04.
However, if the SMA as mentioned above holds, the price will aim for the weekly S2 at 123.12.
