EURJPY Price Analysis: Further consolidation below 147.00 seems likely

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  • EURJPY adds to Tuesday’s decline, still below the 147.00 area.
  • More range riding should not be ruled out in the short term.

EURJPY loses further momentum after rejection at 147.00 area earlier in the week.

The cross seems to have embarked on a consolidation phase, with the upper end of the range capped by the 147.00 area. A break of the latter should open the door for further gains until initially the 2022 high at 148.40 (Oct 21) ahead of the 150.00 level.

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In the short term, the bullish momentum is expected to persist as long as it is above the October lows near 141.00.

In the longer term, as long as it is above the key 200 SMA at 137.96, the constructive outlook is expected to hold.

EURJPY day chart

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EUR/JPY

Panorama
Last Price Today 146.43
Today’s Daily Change -0.24
Today’s Daily Change % -0.16
Today’s Daily Opening 146.67
Trends
20 Daily SMA 146.08
50 Daily SMA 143.52
100 Daily SMA 141.09
200 Daily SMA 137.91
levels
Previous Daily High 147
Previous Daily Minimum 145.99
Previous Maximum Weekly 147.76
Previous Weekly Minimum 144.04
Monthly Prior Maximum 148.4
Previous Monthly Minimum 140.9
Daily Fibonacci 38.2% 146.37
Daily Fibonacci 61.8% 146.61
Daily Pivot Point S1 146.11
Daily Pivot Point S2 145.55
Daily Pivot Point S3 145.11
Daily Pivot Point R1 147.11
Daily Pivot Point R2 147.56
Daily Pivot Point R3 148.12

Source: Fx Street

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