The EUR/JPY pair has been moving downwards since the 19th of November 2015, with the sellers leading the price from as high as levels of 132.27 to as low as 129.84.
The currency pair consolidated during the European Session on Thurday, balancing between the levels of 130.28 and 129.89.
In the scenario that the buyers exert heavier upward pressures and manage to push the price above the 130.42, the pair could reach 131.06 and 131.34 respectively.
Alternatively, if the sellers manage to gain momentum and force the price to break below the level of 129.85, the pair could decelerate to 129.63.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.