EUR/JPY Price Analysis: Extra consolidation remains in place
- EUR/JPY keeps navigating within the recent familiar range.
- While below the 200-day SMA (120.12), further decline is not discarded.
Renewed selling pressure in the Japanese safe haven in combination with persistent EUR weakness leaves EUR/JPY around the 118.00 region on Tuesday.
The cross remains within a broad rangebound theme, always below the 120.12/50 band, where converge last week’s tops and the 200-, 55- and 100-day SMAs.
While below the 200-day SMA, today at 120.12, there is still scope for the cross to re-visit the 2020 low near the 116.00 mark (March 9th).
EUR/JPY daily chart