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EUR/JPY Price Analysis: Room for extra consolidation

  • EUR/JPY sticks to the rangebound mood for yet another session.
  • Immediately to the upside comes in the yearly highs near 130.70.

EUR/JPY extends the multi-session side-lined theme on Friday, always above the key barrier at 130.00 the figure.

The continuation of the current consolidative theme looks the most likely scenario in the very near-term at least. The resumption of the upside is expected to meet the next hurdle at the 2021 high near 130.70 (April 7) ahead of the 131.00 mark.

While above the 5-month support line near 128.70, extra gains remain on the table, with the longer term target at the 2018 high at 131.98 (July 17).

In the meantime, while above the 200-day SMA at 125.83 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

 

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