Further consolidation likely near term

• EUR/JPY trades within a tight range around 157.50.
• The cross faces further side-lined trading for the time being.

EUR/JPY navigates within a tight range above the 157.00 yardstick at the beginning of the week.

In the meantime, the cross continues to face some consolidative range. Against that, a minor hurdle emerges at the so far monthly high of 158.65 (September 13) ahead of the 2023 top at 159.76 (August 30), which precedes the key round level at 160.00. The surpass of the latter should not see any resistance level of note until the 2008 high at 169.96 (July 23).

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 148.77.