EUR/JPY Price Analysis: Further consolidation likely near-term
|- EUR/JPY is prolonging the rangebound theme above 123.00.
- The key support area around 122.90 holds the downside so far.
EUR/JPY now seems to have entered into a consolidative phase around the mid-123.00s in the unchanged context of firm JPY-buying and despite the constructive view on the single currency.
Extra upside momentum remains well on the cards in spite of the ongoing consolidation and is expected to target the 2020 peaks beyond the 124.00 mark in the short-term horizon. If sellers regain the upper hand, then the leg lower could test the short-term support line, today around 121.30.
As long as EURJPY trades above the 200-day SMA at 119.97, the positive outlook is expected to remain unchanged.
EUR/JPY daily chart
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.