EUR/JPY regains some composure following four consecutive daily pullbacks along with the 130.00 neighbourhood. Current price action suggests further consolidation remains well on the cards in the near-term. On the downside, decent contention is seen emerging in the mid-129.00s ahead of the minor support at the 50-day SMA around 129.60.
A break below the 5-month support line near 129.00 should alleviate the upside pressure somewhat an allow for a move lower to the next target at the late March lows in the 128.30/25 band (March 24). In the meantime, while above the 200-day SMA at 126.04 the broader outlook for the cross should remain constructive.