EUR/JPY Price Analysis: Mildly offered inside rising wedge near multi-month top

• EUR/JPY consolidates early Asian pullback from fresh high since October 2018.
• Upbeat MACD probes bears, 50-SMA adds to the downside filters.
• Multiple upside barriers test the prevailing uptrend, 130.65 guards immediate rise.

EUR/JPY bounces off an intraday low of 130.05 to currently down 0.08% around 130.30 during early Thursday. The pair stretched the previous day’s run-up to refresh the highest levels in 29 months before easing from 130.66.

However, bullish MACD and 50-SMA probe the EUR/JPY sellers eyeing the rising wedge bearish chart pattern on the four-hour (4H) formation.

Against this backdrop, the pair’s current play seems to keep the upside bias between 130.65 and 129.80 levels. Herein, 50-SMA near 129.75 adds to the downside filters.

Should the quote drops below 129.75, it confirms the theoretical south-run targeting the late January tops near 127.30. Though, the monthly bottom around 128.20 can offer intermediate support during the declines.

Alternatively, an upside clearance of 130.65 will eye for the 131.00 ahead of targeting late-July 2018 top near 131.15.

If at all the EUR/JPY buyers stay hopeful above 131.15, the 132.00 round-figure and September 2018 peak surrounding 133.15 could test the pair’s further rise.

EUR/JPY four-hour chart

Trend: Bullish