The common European currency surged by 80 points or 0.67% against the Japanese Yen on Monday. The currency pair tested the weekly resistance level at 121.13 during yesterday’s trading session.

Most likely, bearish traders will pressure the exchange rate lower within the following trading session. The potential target for bears would be near the 50– hour simple moving average at 120.59.

A possible upside reversal could occur from the 50– hour SMA during the following trading session.

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