13:53:41 02-08-2021
EUR/JPY Price Analysis: Further consolidation looks likely
- EUR/JPY extends the consolidative mood above 130.00.
- Further upside should meet a minor resistance at 130.67.
EUR/JPY trades within a narrow range and extends the recent inconclusive price action, always above the 130.00 mark for the time being.
If the cross manages to break above the current rangebound theme, then there is an interim hurdle at the Fibo level near 130.70, also coincident with weekly highs. A surpass of this level should put the weekly top at 131.08 back on the radar (July 13). Above this area, the selling pressure is expected to subside.
In the meantime, while above the 200-day SMA at 128.62, the outlook for EUR/JPY is expected to remain constructive.
EUR/JPY daily chart
