EUR/JPY Price Analysis: Extra range bound on the cards

• EUR/JPY fades the initial bull run to 137.60 on Monday.
• The cross could face some consolidative action in the near term.

EUR/JPY could not sustain the earlier spike to the 137.60 region at the beginning of the week.

The cross could move into a consolidative phase in the very near term ahead of the potential continuation of the uptrend. Against that, the immediate hurdle still emerges at the 2022 high around 140.00 (April 21). If cleared, the cross should then focus on the June 2015 high at 141.05. Beyond this level, there are no hurdles of note until the 2014 top at 149.78 (December 2014).

In the meantime, while above the 200-day SMA at 130.72, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart