The Eurozone single currency has declined by 82 pips or 0.63% against the Japanese Yen since Friday’s trading session. A breakout occurred through the lower boundary of an ascending channel pattern during the Asian session on Monday.
The exchange rate bounced off a support level at 129.66 on Monday morning. Most likely, the EUR/JPY pair could continue to edge higher during the following trading session.
However, a resistance cluster formed by the 50– and 200– hour SMAs and the weekly pivot point at 130.25 could provide resistance for the currency exchange rate within this session.
