EUR/JPY Price Analysis: Extra range bound appears likely

EUR/JPY trades with small gains in a tight range above 157.00.
Initial resistance comes at the monthly peaks near 158.50.

Pablo Piovano FXStreet

EUR/JPY leaves behind Monday’s small losses and edges a tad higher well north of the 157.00 hurdle on Tuesday.

In the meantime, the cross continues to face some side-lined trading prior to the potential resumption of the uptrend. That said, a minor hurdle emerges at the so far monthly highs around 158.50 (September 5-7) ahead of the 2023 peak at 159.76 (August 30) and before the key round level at 160.00. The surpass of the latter should not see any resistance level of note until the 2008 high at 169.96 (July 23).

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 148.50.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	157.57
Today Daily Change	57
Today Daily Change %	0.07
Today daily open	157.46

Trends
Daily SMA20	158.29
Daily SMA50	157.14
Daily SMA100	154.11
Daily SMA200	148.47

Levels
Previous Daily High	158.23
Previous Daily Low	156.58
Previous Weekly High	158.52
Previous Weekly Low	157
Previous Monthly High	159.76
Previous Monthly Low	155.53
Daily Fibonacci 38.2%	157.21
Daily Fibonacci 61.8%	157.6
Daily Pivot Point S1	156.62
Daily Pivot Point S2	155.78
Daily Pivot Point S3	154.98
Daily Pivot Point R1	158.26
Daily Pivot Point R2	159.07
Daily Pivot Point R3	159.91

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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