• 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