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

EUR/JPY navigates the lower end of the weekly range near 131.50.
Extra rangebound looks the name of the sport within the very near-term.
EUR/JPY reverses Monday’s small gains and returns to the 131.40/30 band following the unsuccessful plan to move and stay above 132.00 the figure at the start of the week.

Current price action suggests the cross could enter a quick consolidation theme before resuming the upside within 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

Today last price 131.49
Today Daily Change 33
Today Daily Change % -0.09
Today daily open 131.61

Daily SMA20 130.63
Daily SMA50 129.86
Daily SMA100 128.22
Daily SMA200 126.36

Previous Daily High 132.17
Previous Daily Low 131.43
Previous Weekly High 132.37
Previous Weekly Low 130.21
Previous Monthly High 132.37
Previous Monthly Low 129.57
Daily Fibonacci 38.2% 131.88
Daily Fibonacci 61.8% 131.71
Daily Pivot Point S1 131.3
Daily Pivot Point S2 131
Daily Pivot Point S3 130.56
Daily Pivot Point R1 132.04
Daily Pivot Point R2 132.47
Daily Pivot Point R3 132.78

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