EUR/JPY PRICE ANALYSIS: CONSOLIDATION AHEAD OF FUTURE GAINS?

• EUR/JPY adds to recent gains and keeps the trade close to 127.00.
• The YTD peaks near 127.50 emerge as the next hurdle.

EUR/JPY resumes the upside on a firmer note following the recent inconclusive price action and reclaims the 127.00 level and a tad above.

While further rangebound trading remains in place in the near-term, EUR/JPY could attempt a move to YTD peaks in the 127.50 zone in case the recovery gains serious traction.

Further north comes in the 129.30 zone (November 29/December 13 2018 highs) ahead of the monthly peaks at 130.14 (November 7 2018).

Looking at the broader picture, while above the 200-day SMA at 123.58 the outlook for the cross should remain constructive.

EUR/JPY DAILY CHART