EUR/JPY Price Analysis: Consolidates around the 155.50 region amid lack of clear direction
- EUR/JPY remains steady and consolidates in a narrow range on Monday.
- Next resistance level is seen at 156.15, an initial support appears near 155.40.
- The Relative Strength Index (RSI) indicates the non-directional movement in the cross.
The EUR/JPY pair lacks any firm directional bias and oscillates in the 155.30-156.15 range early Monday. The cross currently trades near 155.50, down 0.19% on the day.
According to the four-hour chart, EUR/JPY holds above the 100- and 200-day Exponential Moving Averages (EMA), meaning the path of least resistance for the EUR/JPY appears to the upside.
That being said, any meaningful follow-through buying past 156.15 (High of July 14) will see a rally to 157.15 (High of July 6). Further north, the cross will challenge the next hurdle at 158.00, the intersection of the psychological round mark and a high of July 3.
On the flip side, EUR/JPY will meet initial support of 155.40 (100-hour EMA) en route to 154.20 (200-hour EMA). A decisive break below the latter would expose 153.40 (Low of July 12).
It’s worth noting that the Relative Strength Index (RSI) is located in the 40-60 zone, indicating a non-directional movement in the pair.
EUR/JPY four-hour chart
