- EUR/JPY consolidates gains in the Asian session.
- Cross looks for additional gains above 133.90.
- MACD remains in oversold zone and hints at upside momentum.
EUR/JPY prints some modest gains on Thursday in the Asian session. The pair opened lower, albeit recovered swiftly and touched the intraday high at 133.89.
At the time of writing, EUR/JPY trades at 133.84, up 0.07% for the day.
EUR/JPY hourly chart
On the hourly chart, the EUR/JPY cross-currency pair consolidates below the 133.90 mark. The pair seems to move in the 133.70- 133.90 trading band off lately. If price sustained over the session’s high, then it has the potential to rise up to the 133.95 and 134.10 horizontal resistance levels.
The Moving Average Convergence (MACD) indicator reads below the central line, with bullish crossover. Any uptick in MACD would bring fresh buying opportunities for EUR/JPY bulls. The next area of resistance would be the high of June 1 in the vicinity of 134.20 area.
Alternatively, a failure to hold onto the intraday low at 133.80 could trigger selling pressure in the pair, for the first target at the 133.75 horizontal support level.
Market participants would be encouraged to aim at the 133.55 horizontal support level followed by the May 27 low at 132.93.