• EUR/JPY’s daily advance falters around 138.00 on Friday.
• Some range bound trading could emerge in the short term.

EUR/JPY trades on the defensive around 137.00 following two daily gains in a row on Friday.

The cross could move into a consolidative phase in the very near term ahead of the potential 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 then focus on the June 2015 high at 141.05. Beyond this level, there are no hurdles of note until the 2014 top at 149.78 (December 2014).

In the meantime, while above the 200-day SMA at 130.69, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart