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

EUR/JPY extends the rangebound theme following tops near 133.50.
Immediately to the upside comes in the 2021 highs.

Pablo Piovano FXStreet

EUR/JPY seems to have moved into a consolidative phase around 133.00 for the time being.

Further consolidation looks likely in the very near-term, with the next up barrier at the YTD peak at 133.43 (May 19) ahead of the 2018 high around 133.50. Further upside should remain in the pipeline as long as the cross remains propped up by the immediate support line (off the March lows) near 130.70. This area is also reinforced by the 50-day SMA, today at 130.72. That said, the next resistance of note is seen at the 134.00 round level.

However, a potential corrective move should not be ruled out in the near-term, as EUR/JPY keeps flirting with the overbought territory, as per the daily RSI (68.56).

In the broader picture, while above the 200-day SMA at 126.84 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	132.91
Today Daily Change	50
Today Daily Change %	-0.06
Today daily open	132.99

Trends
Daily SMA20	131.94
Daily SMA50	130.71
Daily SMA100	128.98
Daily SMA200	126.84

Levels
Previous Daily High	133.09
Previous Daily Low	132.71
Previous Weekly High	132.85
Previous Weekly Low	131.65
Previous Monthly High	132.37
Previous Monthly Low	129.57
Daily Fibonacci 38.2%	132.85
Daily Fibonacci 61.8%	132.95
Daily Pivot Point S1	132.77
Daily Pivot Point S2	132.55
Daily Pivot Point S3	132.39
Daily Pivot Point R1	133.15
Daily Pivot Point R2	133.31
Daily Pivot Point R3	133.53

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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