EUR/JPY Price Analysis: Further consolidation on the cards

• EUR/JPY extends the erratic performance so far this week.
• The cross appears supported around 128.20.

EUR/JPY regains upside traction and leaves behind Thursday’s pullback.

In light of the recent price action, the cross seems to have moved into a consolidative phase, with support emerging around 128.20 for the time being. On the upside, there is a temporary and initial hurdle at the 55-day SMA at 129.29. The surpass of the latter could alleviate the downside pressure and allow for a probable move to the more relevant 200-day SMA.

While below the 200-day SMA AT 130.48, the outlook for the cross is expected to remain negative.

EUR/JPY daily chart