The single European currency depreciated 62 base points against the Japanese Yen on Monday. However, the currency pair regained some of its lost points at the end of yesterday’s trading session.

The exchange rate is currently stranded between SMAs. The 200-hour simple moving average is providing resistance for the pair, while the 50– and 100-hour SMAs are providing support.

By and large, the currency exchange rate might continue its upside movement today. A breakout through the upper boundary of the descending channel pattern could occur within this session.

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