During Monday’s trading session, the single European currency depreciated about 100 basis points against the Japanese Yen. The currency pair breached a support cluster at 117.99.
The exchange rate bounced off the lower boundary of a descending channel pattern at 117.80 during the end of yesterday’s trading session. As a result, the EUR/JPY currency pair will likely edge higher today. The potential target for bullish traders would be near the weekly PP at 118.93.
However, a resistance level, formed by the 50– hour simple moving average at 118.52 could restrict the bullish movement within this session.
