EUR/JPY Price Analysis: Bulls consolidate below 133.90 near 50-hour SMA
|- EUR/JPY consolidates gains in the Asian session.
- Cross looks for additional gains above 133.90.
- MACD remains in oversold zone and hints at upside momentum.
EUR/JPY prints some modest gains on Thursday in the Asian session. The pair opened lower, albeit recovered swiftly and touched the intraday high at 133.89.
At the time of writing, EUR/JPY trades at 133.84, up 0.07% for the day.
EUR/JPY hourly chart
On the hourly chart, the EUR/JPY cross-currency pair consolidates below the 133.90 mark. The pair seems to move in the 133.70- 133.90 trading band of late. If price sustained over the session’s high, then it has the potential to rise up to the 133.95 and 134.10 horizontal resistance levels.
The Moving Average Convergence (MACD) indicator reads below the central line, with bullish crossover. Any uptick in MACD would bring fresh buying opportunities for EUR/JPY bulls. The next area of resistance would be the high of June 1 in the vicinity of 134.20 area.
Alternatively, a failure to hold onto the intraday low at 133.80 could trigger selling pressure in the pair, for the first target at the 133.75 horizontal support level.
Market participants would be encouraged to aim at the 133.55 horizontal support level followed by the May 27 low at 132.93.
EUR/JPY Additional Levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.