The common European currency appreciated about 59 base points against the Japanese Yen on Monday. The currency pair reached near a traditional weekly resistance level at 126.03 during yesterday’s trading session.
The exchange rate breached the 50-hour simple moving average at 125.51 during the first part of today’s trading session.
Everything being equal, it is likely that the currency exchange rate could decline towards a support level formed by the 200-hour SMA at 124.97 today.
Although, a support cluster set by the combination of the weekly pivot point and the 100-hour SMA at 125.20 could hinder such movement south.
