- EUR/JPY appears to have entered a consolidation phase.
- Immediately on the upside is the August high at 138.40.
EUR/JPY retraces Friday’s advance and resumes decline around the 137.00 area on Monday.
If the cross manages to break above the current range boundary, the so far August high at 138.39 (Aug 10) is expected to be back in the spotlight. Above the latter, EUR/JPY could attempt a move towards the 55-day simple moving average today at 139.36.
As long as it remains above the 200 SMA at 134.08, the outlook for the pair should remain constructive.
EUR/JPY day chart
Source: Fx Street
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