The literal translation of 今も日本語を勉強しています。is "Now, too, I'm studying Japanese", however, I would translate it "Still now / even now I study Japanese" or "I've been studying Japanese". The point of this Japanese sentence is, for example, "I started studying Japanese 2 years ago and now I'm in the same situation, I'm still continuing studying Japanese". *We say 私は日本語を勉強しています for "I study Japanese" and "I'm studying Japanese". (I've already started learning Japanese.) If we hear 私は日本語を勉強します, it sounds "I will study Japanese" to us. I hope my English worked to explain about it. If you have doubt, please let me know.

Even now i am studying Japanese かな～

The も particle usually means also, so you could remove that and it would make perfect. Although if you're saying that you too are learning Japanese , or you are learning Japanese as well as another language the sentence would be fine as- is.