EUR/JPY Price Analysis: Bulls look firmer above 50-EMA, 130.00 eyed

• EUR/JPY is eyeing 200-EMA for fresh upside momentum.
• The RSI (14) claims for consolidation until it surpasses 60.00.
• The cross is holding comfortably above 50-EMA at 129.18.

The EUR/JPY pair is oscillating around 129.30 in the Asian session, following a confident reversal from the lows of 127.92 reached Thursday.

On the 15-minutes chart, EUR/JPY is oscillating in a range of 129.13-129.72. The cross is forming a bullish flag pattern, which signals a directionless move after a strong run towards the north and leads to a further upside if consolidation breaks out decisively.

Generally, a consolidation phase denotes the placement of longs by the market participants who didn’t capitalize upon the initial rally. Apart from them, those investors place bids, which prefer to enter in an auction after a bullish bias sets in.

The asset is comfortably holding above the 50-period Exponential Moving Average (EMA), which is trading at 129.18. The Relative Strength Index (RSI) (14) has shifted its trading range from 60.00-80.00 to 40.00-80.00, which indicates consolidation but overstepping above 60.00 will strengthen the bulls further.

Bulls are paying attention to 200-EMA at 129.43, as a violation of the same will activate buyers and the cross will march towards Thursday’s high at 130.00 and Wednesday’s average traded price around 130.40.

On the flip side, bulls can lose grip below Friday’s low at 129.13 towards 61.8% Fibonacci retracement (placed between Thursday’s low at 127.92) at 128.62, followed by Thursday’s low at 127.92.

EUR/JPY 15-minute chart