EUR/JPY Price Analysis: In consolidation hoovering around 131.60s By christianborjon EURJPY Crosses Technical Analysis Sentiment
peace talks unable to progress amid global central bank tightening. At 131.61, the EUR/JPY reflects the abovementioned, as the safe-haven yen appreciates.
Wall Street’s finished the day with losses between 0.04% and 1%. Meanwhile, in the FX space, the Loonie rallied against most G8 currencies, while the JPY slightly gained vs.Overnight, the EUR/JPY was subdued in the 131.60 area, but in the European session, it jumped towards the 132.00 area, only to find more sellers, which pushed the pair to the 131.40s area.The EUR/JPY is upward biased, though it faced strong resistance at the 132.00 mark. However, the EUR/JPY might consolidate, as the 78.
If the cross-currency pair is going upwards, the first resistance would be the 50-SMA at 131.61. Breach of the latter would expose 132.00, followed by 132.50. On the flip side, the EUR/JPY first support would be the 78.6% Fibonacci level at 131.28. Once cleared, the next support could be the 100-SMA at 131.09, followed by the 131.00 mark. A sustained break would expose the area of the 200-SMA at 129.86 and the 130.00 mark.
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