The EUR/JPY currency pair traded between the range of 1.6200/1.6346 during last week’s trading session. The 100– period SMA provided resistance at 1.6346, while the 50– hour simple moving average provided support for the exchange rate at 1.6224.
As for the near future, the Australian Dollar could continue to strengthen against the common European currency. The potential target for the pair would be near the 1.6100 level.
However, the weekly support level at 1.6171 could provide resistance for the currency exchange rate within this week’s trading sessions.
