EUR/JPY Price Analysis: Looks rangebound near term

• EUR/JPY fades the recent strength and returns to 130.50.
• Price action suggests further consolidation remains on the cards.

EUR/JPY adds to the recent corrective downside and extends the break below the 131.00 mark on Friday.

As long as the cross remains capped by the YTD high at 131.60 (January 5), further side-lined trading should not be ruled out. In the meantime, occasional bearish attempts appear well contained by the 130.00 neighbourhood for the time being.

While above the 200-day SMA, today at 130.53, the outlook for EUR/JPY should remain constructive.

EUR/JPY daily chart