The common European currency depreciated about 43 base points against the Japanese Yen on Monday. The currency pair reversed south from a resistance cluster formed by the combination of the weekly pivot point and the 200-hour simple moving average during yesterday’s trading session.

As for the near future, it is likely that the currency exchange rate will aim for the upper line of a descending channel pattern at 121.97.

However, the resistance cluster, as mentioned earlier, could hinder the EUR/JPY exchange rate from making gains today.

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