Further consolidation seems likely in the short term

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  • The EUR / JPY weekly range seems limited at the 128.30 / 20 zone so far.
  • Immediately to the upside, the annual maximum arises near 130.00.

The EUR/JPY it adds to the small gains on Monday and is up slightly, although it is still capped by the 129.00 level so far this week.

If the bulls regain control of sentiment, then the next target will emerge at the 2021 highs just below 130.00 (Feb 25). Further north of this area lies 130.14 (Nov 7, 2018) before the 2018 summer high at 131.98 (Jul 17).

Reinforcing the idea of ​​additional gains, the EUR / JPY continues to trade above the immediate support line (from the low on Nov 19, 2020) near 126.80, where the 50-day SMA also converges.

Looking at the bigger picture, while above the 200 day SMA at 124.35, the outlook for the crossover should remain constructive.

Daily chart

Technical levels

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