EUR/JPY Price Analysis: Looks consolidative above the 200-day SMA

• EUR/JPY keeps the range bound theme unchanged on Friday.
• The 200-day SMA at 130.43 holds the downside so far.

EUR/JPY partially fades Thursday’s pullback and regains some composure on the back of mixed risk appetite trends.

So far, price action around the cross looks consolidative, with the 200-day SMA, today at 130.43, acting as a decent contention area. The resumption of the upside pressure immediately targets the weekly high at 131.90 (February 16) ahead of the 2022 peak at 133.15 (February 10).

While above the 2-month support line, today near 128.80, further upside in the cross should remain on the table. On the longer term, the outlook for the cross is seen as constructive as long as it trades above the 200-day SMA.

EUR/JPY daily chart