EUR/JPY Price Analysis: Some consolidation likely ahead of further gains

EUR/JPY maintains the side-lined trading in place around 159.00.
Further range bound appears on the cards in the near term.

Pablo Piovano FXStreet

EUR/JPY fades part of Wednesday’s advance and trades with mild losses just below the 159.00 yardstick on Thursday.

So far, the emergence of some consolidation seems probable in the very near term ahead of the continuation of the upside. Against that, the immediate target is expected at the round level of 160.00, while the surpass of this level 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 147.24.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	158.92
Today Daily Change	47
Today Daily Change %	-0.18
Today daily open	159.21

Trends
Daily SMA20	156.95
Daily SMA50	155.89
Daily SMA100	151.86
Daily SMA200	147.2

Levels
Previous Daily High	159.26
Previous Daily Low	158.64
Previous Weekly High	159.22
Previous Weekly Low	155.81
Previous Monthly High	158.05
Previous Monthly Low	151.41
Daily Fibonacci 38.2%	159.02
Daily Fibonacci 61.8%	158.87
Daily Pivot Point S1	158.81
Daily Pivot Point S2	158.41
Daily Pivot Point S3	158.19
Daily Pivot Point R1	159.43
Daily Pivot Point R2	159.66
Daily Pivot Point R3	160.06

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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