EUR/JPY analysis: Remains near 124.00

Dukascopy Bank Team Dukascopy Bank SA

EUR/JPY

The common European currency surged by 61 pips or 0.50% against the Japanese Yen on Monday. The currency pair tested the 123.90 level during yesterday's trading session.

The EUR/JPY exchange rate is currently trading near the monthly resistance level at 124.00.

If the pair breaks the monthly resistance level, a surged towards the 124.50 level could be expected today.

However, if the resistance line holds, bearish traders could target the weekly pivot point at 123.37 within this session.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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