EUR/JPY Price Analysis: Further consolidation likely

• EUR/JPY keeps the consolidative mood well and sound.
• The 134.40 region keeps supporting the downside.

EUR/JPY extends the range bound theme near the 135.00 area at the end of the week.

In light of the recent price action, further consolidation remains likely in the very near term ahead of the potential resumption of the bullish bias. That said, the 2022 high at 137.54 (March 28) emerges as the immediate hurdle prior to the August 2015 peak at 138.99 (August 15) and ahead of the round level at 140.00.

In the meantime, while above the 200-day SMA at 130.17, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart