EUR/JPY Price Analysis: Looks cautious around 137.00 ahead of FOMC

• EUR/JPY extends the consolidative theme around 137.00.
• Further range bound trading remains in the pipeline very near term.

EUR/JPY keeps the side-line trading well and sound for yet another session midweek.

The cross has likely moved into a consolidative phase ahead of the FOMC event coming later on Wednesday. The continuation of the uptrend is a likely scenario in case the cross manages to surpass the 138.00 area. That said, the immediate hurdle still emerges at the 2022 high around 140.00 (April 21) prior to the June 2015 high at 141.05.

In the meantime, while above the 200-day SMA at 130.79, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart