- EUR/JPY daily advance loses stability around 138.00 on Friday.
- In the short term there could be some trading inside the range.
The EUR/JPY trades defensively around 137.00 after two consecutive daily gains on Friday.
The cross could move into a consolidation phase in the short term before the possible 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 focus on the June 2015 high at 141.05. Beyond this level, there are no notable hurdles until the 2014 high of 149.78 (December 2014).
Meanwhile, although above the 200-day SMA at 130.69, the outlook for the cross is expected to remain constructive.
EUR/JPY daily chart
Technical levels
Source: Fx Street
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