The common European currency edged higher by 57 pips or 0.47% against the Japanese Yen on Monday. The rise was stopped by the 200– hour simple moving average at 131.09 during Monday’s trading session.
All things being equal, the exchange rate could continue to edge higher during the following trading session. The potential target for buyers will be near the weekly resistance level at 131.86.
However, the 200– hour simple moving average at 131.09 could provide resistance for the currency exchange rate in the shorter term.
