EUR/JPY Price Analysis: Further range bound in store
|- EUR/JPY extends further the consolidative mood around 141.00.
- The 200-day SMA keeps holding the downside for the time being.
EUR/JPY maintains the side-lined trading well in place around the 141.00 region for yet another session on Wednesday.
Extra consolidation should not be ruled out in the very near term. In case the downside accelerates, the next support of note emerges at the 200-day SMA, today at 140.90. A sustainable drop below the latter exposes extra weakness to, initially, the 138.00 neighbourhood. On the upside, the breakout of the weekly low at 142.29 (January 25) could open the door to a potential test of the key resistance area around 143.00.
The constructive outlook for EUR/JPY is seen unchanged above the 200-day SMA for the time being.
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.