The 50– hour simple moving average has been guiding the common European currency higher against the Japanese Yen since the end of May. The currency pair declined about 40 pips on Monday.
As for the near future, the EUR/JPY exchange rate could continue to edge higher. Bullish traders might target the weekly R1 at 120.69 during the following trading session.
On the other hand, the currency exchange rate might reverse from the current price level at 119.92 and aim for the 100– hour SMA at 119.18 within this session
