EUR/JPY Price Analysis: No change to the rangebound trading

EUR/JPY regains some composure following four consecutive daily pullbacks along with the 130.00 neighbourhood. Current price action suggests further c  |  23/04/2021 11:52
  • EUR/JPY keeps the consolidative mood around 130.00 on Friday.
  • Next on the upside comes in the YTD tops near 131.00.

EUR/JPY regains some composure following four consecutive daily pullbacks along with the 130.00 neighbourhood.

Current price action suggests further consolidation remains well on the cards in the near-term. On the downside, decent contention is seen emerging in the mid-129.00s ahead of the minor support at the 50-day SMA around 129.60.

A break below the 5-month support line near 129.00 should alleviate the upside pressure somewhat an allow for a move lower to the next target at the late March lows in the 128.30/25 band (March 24).

In the meantime, while above the 200-day SMA at 126.04 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

 

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