EUR/JPY Price Analysis: Looks consolidative near term

• EUR/JPY reverses Thursday’s pullback and regains 130.00.
• Next on the upside comes in the 131.00 zone.

After bottoming out in the mid-128.00s in the first half of the week, EUR/JPY’s bullish attempt have so far faltered in levels just above 130.00 the figure.

The continuation of the recovery is expected to come in response to the better mood in the risk complex and could extend to the 131.00 neighbourhood, where sits weekly highs. The proximity of the 100-day SMA (131.17) reinforces this hurdle. The surpass of this area should mitigate the downside pressure.

In the meantime, a move to the 200-day SMA around 128.44 should also be negated if the cross manages to clear 131.00, ideally in the very short term.

EUR/JPY daily chart