The single European currency traded sideways against the Japanese Yen on Monday. The currency pair made about 53 pips movement during yesterday’s trading session.
The EUR/JPY exchange rate is currently trading near a resistance cluster formed by the 50– hour simple moving average and the monthly S1 at 120.33.
If the resistance cluster holds, a potential breakout through the lower boundary of a descending channel pattern could occur.
However, if the currency exchange rate breaks the resistance cluster, a surge towards the 121.07 could be expected today.
