In the early European session, the #EURJPY pair hovers around the 154.40 level, indicating a period of consolidation.
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- EUR/JPY consolidates near the 154.40 mark in the early European session.
The EUR/JPY pair remains steady, close to 154.50 region in the early European session., the cross stands below the 100-hour Exponential Moving Average (EMA) with a downward slope, indicating that the path of least resistance is to the downside.
According to the one-hour chart, EUR/JPY will meet an initial support level of 153.45 (low of July 12) en route to 153.00, indicating a psychological round mark. A decisive break below the mentioned level would expose 151.00, a round level and a high of May 29.
On the upside, any meaningful follow-through buying past 154.95 (100-hour EMA) will challenge the next hurdle near 155.30 (low of July 10), followed by 155.85 (low of July 6). Further north,r the cross will see a rally to 156.70, portraying the high of July 10.
The Relative Strength Index (RSI) holds above 60, indicating bullish territory and that the pair has more room for further upside.
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