Home EUR/JPY Price Analysis: Consolidation appears likely in the near-term
FXStreet News

EUR/JPY Price Analysis: Consolidation appears likely in the near-term

FX Street
Updated:
  • EUR/JPY is shedding some ground following Tuesday’s advance.
  • The cross could spark some consolidation in the short-term.

EUR/JPY is giving away part of Tuesday’s strong gains to the 119.50 region, where it lost some upside momentum.

The resumption of the demand for the yen and the supportive tone in the single currency are expected to keep the cross within a consolidative fashion for the time being, or until some more defined driver turns up in the markets.

In the meantime, and while below the 200-day SMA – today at 120.20 – the downside pressure in the cross is expected to prevail.

EUR/JPY daily chart

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision.  The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.

© forexcrunch.com All Rights Reserved 2017 – 2024