- EUR/JPY remains range bound theme on Friday.
- The 200-day moving average at 130.43 keeps weakness limited for now.
EUR/JPY erases part of Thursday’s pullback and regains some composure, against a backdrop of caution in financial markets.
So far, the price action around the cross looks consolidative, with the 200-day simple moving average (SMA) today at 130.43 acting as a zone of contention. Resumption of upside pressure would immediately target weekly high at 131.90 (16 Feb high) before 2022 high at 133.15 (10 Feb).
As long as it remains above the 2 month support line, today near 128.80, more EUR/JPY upside should remain on the table. In the long term, the outlook for the cross is seen as constructive as long as it trades above the 200-day simple average.
EUR/JPY day chart
Source: Fx Street
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