- EUR / JPY is navigating the lower end of the weekly range near 131.50.
- More range travel seems to be the name of the game in the very short term.
The EUR / JPY reversed Monday’s small gains and returned to the 131.40 / 30 band after the failed attempt to move and stay above 132.00 earlier in the week.
The current price action suggests that the cross could enter a brief consolidation phase before resuming the upside, on the short-term horizon. If that’s the case, then the immediate target comes in the recent 2021 peaks near 132.40 recorded on April 28.
This view is reinforced by the immediate support line near 130.00, an area that coincides with the 50-day SMA.
In a broader perspective, as long as it is above the 200-day SMA at 126.33, the cross should remain bullish.
EUR / JPY day chart
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