EUR/JPY Price Analysis: Further rangebound likely below 200-day SMA
- EUR/JPY is prolonging the side-line theme around the 100-day SMA.
- Immediately to the upside emerges the 200-day SMA at 120.65.
EUR/JPY is expected to stick to the multi-session consolidative theme around the 120.00 region and so far capped on a daily basis by the 100-day SMA near 120.40.
Ideally, the cross needs to clear this area in order to attempt a move to the key 200-day SMA, today at 120.65. Further north aligns the 55-day SMA in the 121.00 neighbourhood.
On the broader view, as long as the 200-day SMA at 120.65 caps the upside, the selling bias in the cross is expected to remain unchanged and keeps on the cards a potential move to 119.65/25, November lows.
EUR/JPY daily chart