The common European currency declined by 84 basis points or 0.67% against the Japanese Yen on Monday. The decline was stopped by the 50– hour simple moving average during yesterday’s trading session.
The exchange rate will most likely continue to edge higher during the following trading session. The possible target for bullish traders will be near the weekly R1 at 125.57.
On the other hand, the currency exchange rate could reverse from the current price line at 124.84 and target the 100– hour SMA at 124.18 within this session.