The 200– hour simple moving average provided support for the EUR/JPY currency pair on Monday. As a result, the single European currency surged 141 pips or 1.13% against the Japanese Yen during yesterday’s trading session.
All things being equal, the exchange rate could continue to trend bullish during the following trading session. The potential target for bulls would be near the monthly R1 at 127.50.
However, a resistance line near the psychological level at 127.00 could provide resistance for the currency exchange rate in the shorter term.
