EUR/JPY unable to hold above 132.00

By FXStreet FXStreet (Córdoba) – EUR/JPY rose during the Asian session as EUR/USD rallied. It reached 132.27 but it was unable to remain above 132.00 and pulled back.

Currently it trades at 131.70/75 around the same level it closed yesterday. Recently bottomed at 131.40 but bounced to the upside finding resistance below 132.00.

EUR/JPY consolidates near 6-month lows

The trend continues to favor the yen. At the beginning of the week the pair bottomed at 130.60 and then rebounded modestly. It has been moving sideways since Monday’s American session in a range between 131.00 and 132.20.

The pair could remove bearish pressure if it’s able to rise and hold above 132.50, where the 20-day MA currently stands and it would also be breaking a short term resistance downtrend line.
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Source:: FX Street