EUR/JPY Price Analysis: Sees some consolidation around 154.40-50

• EUR/JPY consolidates near the 154.40 mark in the early European session. 
• An initial support level is located at 153.45, while a 154.95 area is seen as an immediate resistance level.
• The Relative Strength Index (RSI) holds above 60, indicating bullish territory.

The EUR/JPY pair remains steady, close to 154.50 region in the early European session., the cross stands below the 100-hour Exponential Moving Average (EMA) with a downward slope, indicating that the path of least resistance is to the downside.

According to the one-hour chart, EUR/JPY will meet an initial support level of 153.45 (low of July 12) en route to 153.00, indicating a psychological round mark. A decisive break below the mentioned level would expose 151.00, a round level and a high of May 29.

On the upside, any meaningful follow-through buying past 154.95 (100-hour EMA) will challenge the next hurdle near 155.30 (low of July 10), followed by 155.85 (low of July 6). Further north,r the cross will see a rally to 156.70, portraying the high of July 10.

The Relative Strength Index (RSI) holds above 60, indicating bullish territory and that the pair has more room for further upside. 

EUR/JPY: One-hour chart