EUR/JPY Price Analysis: Further consolidation in the pipeline
|- EUR/JPY trades in an inconclusive fashion around 157.00.
- Extra range bound looks likely for the time being.
EUR/JPY trades in a consolidative range around the 157.00 region following Friday’s strong gains.
In the meantime, the cross remains stuck within the consolidative range and the breakout of it exposes a visit to the so far monthly high of 158.65 (September 13) prior to the 2023 top at 159.76 (August 30), which precedes the key round level at 160.00.
On the downside, the so far monthly low of 154.34 (October 3) emerges as the initial contention in case of bearish attempts.
So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 149.90.
EUR/JPY daily chart
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