The single European currency appreciated about 108 base points against the Japanese Yen on Friday. The currency pair tested a resistance level formed by the monthly R1 at 126.69 during Friday’s trading session.
The exchange rate consolidated below the resistance level during Monday’s trading session. If the resistance line holds, the EUR/JPY currency pair will aim at a support cluster formed by the combination of the weekly pivot point and the 50-hour simple moving average at 126.06 within this session.
However, if the currency exchange rate passes the resistance level as mentioned earlier, the next target for bullish traders will be at 127.35.