The single European currency declined by 78 pips or 0.63% against the Japanese Yen on Friday. The currency pair tested the 200– hour simple moving average at 123.29 during Friday’s trading session.
The exchange rate bounced off the 200– hour SMA during the Asian session on Monday. Most likely, bulls could pressure the EUR/JPY pair higher today. The potential target for bullish traders would be at the 124.29 level.
On the other hand, the currency exchange rate could make a brief pullback towards the 123.60 area during the following trading session.
