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


Today last price 123.46
Today Daily Change 52
Today Daily Change % -0.21
Today daily open 123.72
Daily SMA20 122.31
Daily SMA50 121.21
Daily SMA100 119.35
Daily SMA200 119.99
Previous Daily High 123.79
Previous Daily Low 123.02
Previous Weekly High 124.29
Previous Weekly Low 122.2
Previous Monthly High 124.43
Previous Monthly Low 119.32
Daily Fibonacci 38.2% 123.5
Daily Fibonacci 61.8% 123.31
Daily Pivot Point S1 123.22
Daily Pivot Point S2 122.73
Daily Pivot Point S3 122.45
Daily Pivot Point R1 124
Daily Pivot Point R2 124.28
Daily Pivot Point R3 124.78



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