EUR/JPY Price Analysis: Consolidation ahead of further gains?

• EUR/JPY adds to recent gains and moves to 130.60.
• Immediately to the upside comes in the 131.00 area.

EUR/JPY manages to extend the post-Payrolls bounce off the vicinity of 130.20 and adds to Monday’s bullish attempt, retaking at the same time the 130.60 zone.

In light of the recent price action, it seems some consolidative mood is favoured in the cross, at least in the very near term. The resumption of the uptrend, as usual, targets the low-131.00s, area coincident with the mid-July tops, the 100-day SMA and a Fibo level (of the June-August drop).

Above the 200-day SMA (129.41), the outlook for EUR/JPY is expected to remain constructive.

EUR/JPY daily chart