EUR/JPY holds bullish tone, limited below 126.80

• Quiet session with limited moves and low volatility. 
• EUR/JPY moving sideways, consolidating last week gains. 

The EUR/JPY pair continues to move sideways as it has been the case since last Friday, holding around 126.70,  near 1-month highs. 

Bullish but limited

Earlier today the pair peaked at 126.78, the strongest since March 20 amid an improvement in risk appetite. But it failed to extend gains as equity prices trimmed gains. It kept trading sideways above 126.50, with the chart still pointing to the upside. 

The price range so far on Monday has been of 35 pips, one of the lowest in months. Volatility among crosses remains low as USD/JPY traded most of the day around 112.00 and EUR/USD moved between 1.1325 and 1.1297. 

Levels to watch

To the upside, the immediate resistance is the upper limit of the current range at 126.75/80, followed by 127.00 and 127.35. On the flip side, immediate support is the lower limit at 126.45/50 and then 126.10 and 125.65.