The Eurozone single currency appreciated about 45 base points against the Japanese Yen on Monday. The surge was stopped by a resistance level formed by the weekly PP at 122.17.
Everything being equal, it is likely that the currency pair will continue its movement in the descending channel pattern within this session. The potential downside target will be near the weekly S1 at 121.16.
If the support level formed by the weekly S1 holds, the EUR/JPY currency exchange rate will make an upside reversal during the following trading session.
