The common European currency declined by 77 pips or 0.58% against the Japanese Yen on Friday. The currency pair tested the lower boundary of an ascending channel pattern at 131.32 during Friday’s trading session.
The exchange rate bounced off the lower line of the channel pattern at 131.35 during the Asian session on Monday. Most likely, bullish traders are likely to pressure the EUR/JPY pair higher today.
However, the 50– hour simple moving average at 131.79 could provide resistance for the currency exchange rate within this session.
