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

EUR/JPY reverses Monday’s small gains and returns to the 131.40/30 band following the unsuccessful attempt to move and stay above 132.00 the figure at  |  04/05/2021 11:38
  • EUR/JPY navigates the lower end of the weekly range near 131.50.
  • Extra rangebound looks the name of the game in the very near-term.

EUR/JPY reverses Monday’s small gains and returns to the 131.40/30 band following the unsuccessful attempt to move and stay above 132.00 the figure at the beginning of the week.

Current price action suggests the cross could enter a brief consolidation theme before resuming the upside in the short-term horizon. If that’s the case, then the immediate target emerges at the recent 2021 peaks near 132.40 recorded on April 28.

This view is bolstered by the immediate support line near 130.00, area coincident with the 50-day SMA.

In the meantime, while above the 200-day SMA at 126.33 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

 

Share

Popular News

Show More Popular News

TheFXApp's Views

TheFXApp analyses will provide both fundamental and technical comprehensions on finance
and other asset classes for TheFXApp viewers

Back

Login to TheFXApp Account

Your TheFXApp account gives you access to the tools that we offer our customers including our
Technical Studies & Sentiment for your accounts.

Forgot Password?

Don't you have a TheFXApp account? With a few easy steps you can easily register to TheFXApp

Create a TheFXApp's Account

Your TheFXApp account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

register_ty

Thank you!

Welcome to TheFXApp family!

You have succesfully completed the registration.
We will send you an e-mail to give you some
instructions and our Terms and Conditions!
Our account representatives will be contacting you as
soon as possible. If you have any further questions
please do not hesitate to mail us via info@thefxapp.com