EUR/JPY Price Analysis: Bulls consolidate around 131.30

EUR/JPY pares gains in the Asian session.
Cross fell sharply from the high of 133.68 in the previous week.
Momentum oscillator in overbought zone warns of aggressive bets.

Rekha Chauhan Independent Analyst

EUR/JPY trades cautiously on Tuesday morning in the Asian trading hours. The cross constitutes a 20 pips movement with a negative bias.

As of writing, EUR/JPY trades at 131.26 with 0.09% losses on the day.

EUR/JPY daily chart

On the daily chart, the EUR/JPY pair has fallen sharply in the previous week after consolidating in the range of 133.00-134.10.

If price sustains above the session’s high at 131.54, then it has the potential to reach the 131.85 horizontal resistance level followed by the high of May 12 at 132.47.

The Moving Average Convergence (MACD) indicator holds onto overbought trajectory with bearish momentum. Any uptick in the MACD would prompt EUR/JPY bulls to aim for May 14 high at 132.84.

Alternatively, if price moves lower, then it could first target the 130.95 horizontal support level. The cross would spot the next target at the 100-day Simple Moving Average (SMA) at 130.51.

A sustained move below the above mentioned 100-day SMA would prompt EUR bears to attract April 26 low at 130.21.

EUR/JPY additional levels

EUR/JPY

Overview
Today last price	131.3
Today Daily Change	-0.08
Today Daily Change %	-0.06
Today daily open	131.38

Trends
Daily SMA20	133.08
Daily SMA50	132.15
Daily SMA100	130.47
Daily SMA200	127.66

Levels
Previous Daily High	131.5
Previous Daily Low	130.04
Previous Weekly High	133.68
Previous Weekly Low	130.61
Previous Monthly High	134.06
Previous Monthly Low	130.98
Daily Fibonacci 38.2%	130.94
Daily Fibonacci 61.8%	130.6
Daily Pivot Point S1	130.45
Daily Pivot Point S2	129.52
Daily Pivot Point S3	128.99
Daily Pivot Point R1	131.9
Daily Pivot Point R2	132.43
Daily Pivot Point R3	133.36

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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