EUR/JPY Price Analysis: Further consolidation in the pipeline

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

EUR/JPY extends the multi-session side-lined theme above the key barrier at 130.00 the figure so far this week.

Further consolidation around current levels appears favoured for the time being. 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 128.50/55 band, extra gains remain on the table, 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 128.92.

In the meantime, while above the 200-day SMA at 125.74 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart