EUR/JPY Price Analysis: Further upside on the cards

• EUR/JPY looks consolidative above the 133.00 mark.
• The next hurdle on the upside emerges at 134.00.

EUR/JPY seems to have moved into a consolidative phase following recent YTD peaks around 133.60 (Tuesday).

Extra rangebound looks likely in the very near-term ahead of the continuation of the uptrend, with an interim resistance around the 134.00 neighbourhood. Further upside should remain on the cards as long as the cross remains underpinned by the immediate support line (off the March lows) near 131.00. This area is also reinforced by the proximity of the 50-day SMA.

In the broader picture, while above the 200-day SMA at 126.98 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart