EUR/JPY on trendless range; 131.50 buying noted

FXstreet.com (Chicago) - EUR/JPY rises after double top formation formed throughout Monday’s trading session. Recovering losses and earning 0.03% gains, both bulls and bears continue alternating buying and selling pressure, fueling sideways trading range.

What to expect?

Ahead of the Japanese opening for Tuesday’s trading session and Germany’s CESifo Group assessment, the pair resumes climb after recovering losses and failing to sustain higher performance levels. The Nikkei opened 0.20% stronger but tumbled to -0.18 at the Nikkei 225’s closing bell. In Europe, the CAC40 was down 0.06% similarly to the Euronext 100 down 0.15% while the FTSE was up 0.70% and the DAX gained 0.22%.

EUR/JPY Technical Levels

Price action reveals strong resistance at 131.90 after double top formation earlier today during the European and US trading sessions. The pair maintains 3-week peaks bouncing from 131.50 intraday lows after sideways trade in the afternoon of the American session. So far, gains account to 0.04% and the price fluctuates between supports aligned at 131.54 (August 5th highs), 131.20 (August 19th highs) ahead of 130.80 (August 29th highs) and resistances at 131.90 (August 22nd highs), 132.23 (July 19th highs) followed by 132.73 (July 24th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis, above EMA20 and with MACD indicator pointing up.