The Eurozone single currency appreciated about 88 base points against the Japanese Yen on Friday. The exchange rate was guided by the 50-hour simple moving average during the previous trading session.
Monday’s trading session began with bearish momentum. By the middle of the trading day, the currency pair has breached a support level formed by the 50-hour SMA at 126.96.
If the currency exchange rate passes the weekly pivot point t 126.70, the next target for bearish traders will be near the 100-hour SMA at 126.46.
However, if the weekly PP holds, the EUR/JPY pair will continue to maintain the junior ascending channel pattern within this session.
