The single European currency is currently trading in a narrow descending channel pattern against the Japanese Yen.
The 50– and 200-hour SMAs were providing resistance for the currency pair at 120.89 during the morning hours of Monday’s trading session, while the 100-hour simple moving average and the weekly pivot point at 120.75 was providing support.
Most likely, the exchange rate could edge higher within this session. Bullish traders could target the 121.28.
However, the resistance cluster formed by the 50– and 200-hour SMAs might hinder such movement today.
