The common European currency appreciated about 59 basis points against the Japanese Yen on Monday. The surge was stopped by a support cluster formed by the 200– hour simple moving average and the weekly pivot point at 118.38 during yesterday’s trading session.

Given that the exchange rate has breached all three SMAs, bears might prevail in the market today. The possible target for bearish traders would be near a support level at 117.16.

If the support line holds, an upside reversal could follow within the next trading session.

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