The common European currency appreciated by 57 basis points against the Japanese Yen Monday. The currency pair was guided up by the 50– hour simple moving average during yesterday’s trading session.
Given that the exchange rate has breached a support line formed by the 50– hour SMA, bearish traders could target the support cluster near the 121.50 area within the following trading session.
A potential upward reversal is likely to occur from the support cluster, as mentioned earlier, during the following trading session.
