The EUR/JPY is consolidating in a range. It gapped up to the highs this morning at 100.70 but has since fallen down to fill the gap. There is the possibility of a break above the top of the box consolidation which would be confirmed by a move above 101.20, which would then target 102.60, where the 50-day MA caps further gains. A breakout lower would be confirmed by a move below 98.60 with a downside target of 97.75.

Analysis prepared by:

Joaquin Monfort
Forex4you analyst