EUR/JPY Price Analysis: Range bound trade looks likely near term

• EUR/JPY extends the erratic performance above 141.00 so far this week.
• The key 200-day SMA keeps holding the downside near 140.80.

EUR/JPY fades Thursday’s uptick and trades on the defensive within the so far multi-session consolidative theme at the end of the week.

Extra consolidation should not be ruled out in the very near term. In case the downside accelerates, the next support of note emerges at the 200-day SMA, today at 140.82. A sustainable drop below the latter exposes extra weakness to, initially, the 138.00 neighbourhood.

The constructive outlook for EUR/JPY is seen unchanged above the 200-day SMA for the time being.

EUR/JPY daily chart