EUR/JPY Price Analysis : Further consolidation likely near-term

EUR/JPY navigates the lower end of the weekly range near 131.50.
Extra rangebound looks the name of the game in the very near-term.

Pablo Piovano FXStreet

EUR/JPY reverses Monday’s small gains and returns to the 131.40/30 band following the unsuccessful attempt to move and stay above 132.00 the figure at the beginning of the week.

Current price action suggests the cross could enter a brief consolidation theme before resuming the upside in the short-term horizon. If that’s the case, then the immediate target emerges at the recent 2021 peaks near 132.40 recorded on April 28.

This view is bolstered by the immediate support line near 130.00, area coincident with the 50-day SMA.

In the meantime, while above the 200-day SMA at 126.33 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	131.49
Today Daily Change	33
Today Daily Change %	-0.09
Today daily open	131.61

Trends
Daily SMA20	130.63
Daily SMA50	129.86
Daily SMA100	128.22
Daily SMA200	126.36

Levels
Previous Daily High	132.17
Previous Daily Low	131.43
Previous Weekly High	132.37
Previous Weekly Low	130.21
Previous Monthly High	132.37
Previous Monthly Low	129.57
Daily Fibonacci 38.2%	131.88
Daily Fibonacci 61.8%	131.71
Daily Pivot Point S1	131.3
Daily Pivot Point S2	131
Daily Pivot Point S3	130.56
Daily Pivot Point R1	132.04
Daily Pivot Point R2	132.47
Daily Pivot Point R3	132.78

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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