Can the onscreen iPad keyboard move the cursor?

One of the oddities of the iPad is that when I activate the screen-based touch keyboard, there are no arrow keys. There are arrow keys on a physical Apple keyboard, but no arrow keys on the touchscreen keyboard. Am I missing something, or some shortcut? Without arrow keys I end up fumbling around trying to touch with my finger the exact place in the text where the cursor should go, but since my finger is the diameter of 2.5 lines of text, this is a trial and error process.