EUR/JPY steady near 124.00

Matías Salord FXStreet

The euro is falling marginally against the Japanese yen on Thursday, on a low volume day. EUR/JPY moved most of the day in a 50-pip range, near the 124.00 handle.

It bottomed during the Asian session at 123.85 and then bounce to the upside, finding resistance below 124.35. In the short-term price is likely to continue to consolidate.

Data ahead

Tomorrow will be the PMI’s day. The June preliminary reading for Japan will be released at 00:30 GMT while in the Eurozone, the German composite at 07:30 GMT and the for the region at 08:00 GMT. In Japan, a modest rise is expected while in Europe market consensus on average expected a minor decline from May figures with the regional composite index around 56.2.

Technical outlook

The pair remains steady, consolidating around 124.00. Technical indicators are flat affected by the moves of the last few days, with the price moving in smaller ranges, making higher lows and lower highs.

A break above 124.30 could open the doors for a test of weekly highs, that are located at 124.60/70 while to the downside, under 123.80, weekly lows at 123.60 would be exposed. The next support levels are seen at 123.20 and 122.75 (Jun 9, 12 & 13 low).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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