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EUR/JPY Reaches 200-Hour SMA

The common European currency appreciated about 59 base points against the Japanese Yen on Friday. The currency pair was supported by the 50-hour simple moving average.

The exchange rate was trading near a resistance level formed by the 200-hour simple moving average at 125.04 during the morning hours of Monday’s trading session.

If the 200-hour SMA holds, the currency exchange rate could make a potential reversal towards the lower band of a counter trendline at 124.50.

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However, if the pair passes the resistance level as mentioned earlier, the next target for the Euro will be near the weekly R2 at 125.70.

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