The Eurozone single currency has surged by 82 points or 0.69% against the Japanese Yen since Friday’s trading session. The currency pair tested the 200– hour simple moving average at 121.14 on Monday morning.

If the resistance level formed by the 200– hour SMA holds, bearish traders would pressure the exchange rate towards the 120.40 level during the following trading session.

However, if the currency exchange rate breaks the resistance line, a surge towards the 121.60 area could be expected within this session.

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