The Eurozone single currency declined by 70 basis points against the Japanese Yen on Friday. The currency pair tested the 23.60% Fibonacci retracement level at 122.19 during Friday’s trading sessions.
The exchange rate bounced off the 23.60% Fibonacci level on Monday morning. From a theoretical point of view, the EUR/JPY pair could edge up within this session. The possible target will be at the 122.80 area.
However, the 50– and 100– hour simple moving averages resistance level at 122.48 could provide resistance for the currency exchange rate during the following trading session
