The common European currency declined by 41 pips or 0.31% against the Japanese Yen on Monday. The decline was stopped by the 50– hour simple moving average during yesterday’s trading session.
Technical indicators suggest buying signals on the 4H, daily and weekly time-frame charts. Most likely, the exchange rate could edge higher during the following trading session.
However, bullish traders are likely to encounter resistance at 132.04 within this session.