The Eurozone single currency declined by 58 pips or 0.44% against the Japanese Yen on Monday. The currency pair breached the 50– and 200– hour SMAs during Monday’s trading session.
Currently, the exchange rate is trading near a support line formed by the weekly pivot point at 131.65.
If the support level holds, the EUR/JPY pair could edge higher within the following trading session.
However, if the currency exchange rate breached the weekly pivot point, the next target for sellers would be near the 130.80 area.
