EUR/JPY Technical Analysis: Consolidates after 100-pip gain as EUR/JPY fails to break above last week’s high

EUR/JPY gained about 100 pips on Monday but bulls ran out of steam as they couldn’t break above last week’s high and the 130.00 level.
EUR/JPY bulls were also capped by the 200-period simple moving average (4-hour) and the descending trendline from April 24. Although the short-term momentum is bullish a failure to break above last week’s high at 130.29 could lead to a triangle consolidation.
However, a strong bull breakout above 130.29 would likely lift EUR/JPY towards the 131.00 figure.

Flavio Tosti Independent Analyst

EUR/JPY 15-minute chart

Spot rate: 129.68
Relative change: 0.06%
High: 130.07
Low: 128.68

Trend: Bullish on a break above 130.29 (last week’s high)

Resistance 1: 130.29 last week’s high
Resistance 2: 130.58 daily 50-period SMA
Resistance 3: 131.00 figure

Support 1: 129.30 supply/demand level
Support 2: 128.68 current Monday’s low
Support 3: 128.11 last Friday’s swing low

EUR/JPY 4-hour chart

Author

Flavio Tosti

Independent Analyst

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