EUR/JPY Technical Analysis: Consolidates after 100-pip gain as EUR/JPY fails to break above last week’s high

• EUR/JPY gained about 100 pips on Monday but bulls ran out of steam as they  couldn’t break above last week’s high and the 130.00 level.
• EUR/JPY bulls were also capped by the 200-period simple moving average (4-hour) and the descending trendline from April 24.  Although the short-term momentum is bullish a failure to break above last week’s high at 130.29 could lead to a triangle consolidation.
• However, a strong bull breakout above 130.29 would likely lift EUR/JPY towards the 131.00 figure.

EUR/JPY 15-minute chart

Spot rate:                       129.68
Relative change:            0.06%      
High:                             130.07
Low:                              128.68

Trend:                           Bullish on a break above  130.29 (last week’s high)

Resistance 1:                130.29 last week’s high
Resistance 2:                130.58 daily 50-period SMA
Resistance 3:                131.00 figure

Support 1:                    129.30 supply/demand level
Support 2:                    128.68  current Monday’s low
Support 3:                    128.11 last Friday’s swing low

EUR/JPY 4-hour chart