EUR/JPY Falling

The European single currency has failed to gain strength against the Japanese Yen, thus lingering slightly above a support cluster set by the combination of the weekly and the monthly pivot points near 130.81.

The 200-hour simple moving average has been providing support for the EUR/JPY currency pair for the last three consecutive trading session. by the middle of Monday's session, the exchange rate was consolidating due to lack of traders in the market.

Everything being equal, the currency exchange rate is likely to remain calm today due to the Easter Monday holiday. Strong support level rests at 128.80. We can expect bearish momentum to continue until positive EU data is released or the pair visits the medium term support.

Chart: EUR/JPY H4