Markets

EUR / JPY Price Analysis: More Consolidation Ahead

November 6, 2020
12:25 PM

EUR / JPY faded from weekly highs above 123.00.
More consolidation ahead looks likely in the near term.

EUR / JPY extended consolidation mood following the recent rejection from weekly / monthly peaks above 123.00.

Meanwhile, recent lows in the 121.60 zone appear to contain possible downside movements, while the 123.00 neighborhood limits the gains for the time being.

From a broader perspective, while above the key 200-day SMA at 121.19, the EUR / JPY is expected to remain unchanged on the bullish side.

EUR / JPY day chart

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Credits: Forex Street

Donald Westbrook

Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.

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