• EUR/JPY struggles for direction around the 131.60 region.
• Interim support comes in at the 100-day SMA near 131.00.

EUR/JPY trades without clear direction at the beginning of the week.

The continuation of the consolidative mood appears likely at least in the very near term. The loss of last week’s lows in the 131.30 zone should open the door to a move to the minor support just below 131.00, where sits the 100-day SMA.

On the other hand, extra gains need to surpass the 132.85/90 band, where coincides weekly highs and the resistance line off 2021 lows (January 18).

In the broader picture, while above the 200-day SMA at 128.01 the broader outlook for the cross should remain constructive.

EUR/JPY DAILY CHART