EUR/JPY Price Analysis: Further Range Bound Looks Likely

  • EUR/JPY drops to three-day lows following Wednesday’s monthly highs.
  • Further consolidation appears on the cards in the very near term.

EUR/JPY retreats from Wednesday’s monthly highs around 158.60 and revisits the vicinity of the 157.00 zone, or three-day lows, on Thursday.

In the meantime, the cross continues to face some side-lined trading prior to a potential resumption of the uptrend. That said, a minor hurdle emerges at the so far monthly high of 158.65 (September 13) ahead of the 2023 top at 159.76 (August 30) and before the key round level at 160.00. The surpass of the latter should not see any resistance level of note until the 2008 high at 169.96 (July 23).

So far, the longer-term positive outlook for the cross appears favored while above the 200-day SMA, today at 148.70.
 

EUR/JPY daily chart

(Click on image to enlarge)


EUR/JPY

OVERVIEW
Today last price 157.3
Today Daily Change 129
Today Daily Change % -0.58
Today daily open 158.22
TRENDS
Daily SMA20 158.21
Daily SMA50 157.18
Daily SMA100 154.33
Daily SMA200 148.61
LEVELS
Previous Daily High 158.66
Previous Daily Low 158.01
Previous Weekly High 158.52
Previous Weekly Low 157
Previous Monthly High 159.76
Previous Monthly Low 155.53
Daily Fibonacci 38.2% 158.41
Daily Fibonacci 61.8% 158.26
Daily Pivot Point S1 157.94
Daily Pivot Point S2 157.65
Daily Pivot Point S3 157.29
Daily Pivot Point R1 158.58
Daily Pivot Point R2 158.94
Daily Pivot Point R3 159.23

More By This Author:

Crude Oil Futures: Rally Could Take A Breather
EUR/USD Price Analysis: Upside Remains Limited By 1.0770
USD Index Price Analysis: Extra Gains Need To Surpass 105.15

Disclosure: Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.