EUR/JPY Price Analysis: Potential consolidation ahead of extra gains

• EUR/JPY extends the consolidative mood above 130.00.
• Next on the upside comes in the 131.00 yarstick.

EUR/JPY remains side-lined above the key barrier at 130.00 the figure at the end of the week.

Further consolidation around current levels looks likely in the short-term horizon. The resumption of the bull trend faces the next hurdle at the 2021 high near 130.70 (April 7) ahead of the 131.00 yardstick.

While above the short-term support line in the 128.40 region, extra gains remain likely, with the longer term target at the 2018 high at 131.98 (July 17). This area of contention is reinforced by the proximity of the 50-day SMA at 128.68.

In the meantime, while above the 200-day SMA at 125.60 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart