EUR/JPY Price Analysis: Further range bound looks likely

EUR/JPY drops to three-day lows following Wednesday’s monthly highs.
Further consolidation appears on the cards in the very near term.

Pablo Piovano FXStreet

EUR/JPY retreats from Wednesday’s monthly highs around 158.60 and revisits the vicinity of the 157.00 zone, or three-day lows, on Thursday.

In the meantime, the cross continues to face some side-lined trading prior to a potential resumption of the uptrend. That said, a minor hurdle emerges at the so far monthly high of 158.65 (September 13) ahead of the 2023 top 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 148.70.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	157.3
Today Daily Change	129
Today Daily Change %	-0.58
Today daily open	158.22

Trends
Daily SMA20	158.21
Daily SMA50	157.18
Daily SMA100	154.33
Daily SMA200	148.61

Levels
Previous Daily High	158.66
Previous Daily Low	158.01
Previous Weekly High	158.52
Previous Weekly Low	157
Previous Monthly High	159.76
Previous Monthly Low	155.53
Daily Fibonacci 38.2%	158.41
Daily Fibonacci 61.8%	158.26
Daily Pivot Point S1	157.94
Daily Pivot Point S2	157.65
Daily Pivot Point S3	157.29
Daily Pivot Point R1	158.58
Daily Pivot Point R2	158.94
Daily Pivot Point R3	159.23

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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