EUR/JPY consolidates above 114.00

Matías Salord FXStreet

EUR/JPY is flat on Monday, with the price hovering around 114.30/40, around last week closing price. Market volatility is low on Monday, with most forex crosses moving in limited ranges.

After losing a hundred pips last week, EUR/JPY dropped toward 114.00 during the Asian session but it held above that line at all times. It then turned to the upside and peaked at 114.57. The pair was rejected from above 114.50 and during the las hours is had been moving between the mentioned level and 114.25.

EUR/JPY Levels

Last week the pair finished with a decline but on a wider perspective it continues to consolidate, below the 20-week moving average, limited between 112.00 and 116.00.

In the short-term, to the upside, resistance levels might be seen at 114.55/60 (daily high), 115.05 (Oct 14 high) and 115.70 ( Oct 6 low). On the opposite direction, support could be located at 113.90 (Oct 13 low), 113.60 (Oct 3 low) and 113.00 (psychological).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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