• EUR/JPY alternates gains with losses in the sub-136.00 area.
• Further consolidation looks likely in the near term.

EUR/JPY trades in a volatile fashion after climbing as high as the 136.50 region earlier on Thursday.

Extra range bound appears on the cards for the cross in the short-term horizon, while gains could accelerate on a break above recent peaks in the 136.80 region. Beyond the latter, the next target of note comes at the May high at 138.31 (May 9).

In the meantime, while above the 200-day SMA at 131.32, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart