The common European currency appreciated about 154 basis points against the Japanese Yen on Monday. The surge was stopped by the 200-hour simple moving average at 117.98.
The exchange rate was trading near the 61.80% Fibonacci retracement level at 117.19 during the morning hours of Tuesday’s trading session.
If the support level, formed by the 61.80% Fibo holds, the currency pair will continue its upward swing today.
However, if the currency exchange rate passes the support level, bears are likely to dominate this session.
