EUR/JPY Price Analysis: Further consolidation in store

• EUR/JPY remains on the defensive so far this week.
• Bullish attempts target the 2022 highs around 140.00.

EUR/JPY adds to Monday’s decline and retests the 137.00 region on Tuesday.

The cross seems to have returned to the previous consolidative theme for the time being. The breakout of this phase is expected to shift the attention to a potential visit to the round level at 139.00 ahead of the 2022 high around 140.00 (April 21). Further up is seen the June 2015 peak at 141.05.

In the meantime, while above the 200-day SMA at 130.94, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart