EUR/JPY Price Analysis: Rising odds for further rangebound
- Weekly rebound in EUR/JP met resistance around the 119.00 mark.
- Broader side-lined theme expected to prevail for the time being.
After printing multi-week lows near 116.50 last week, EUR/JPY managed to regain some composure and tested the 119.00 neighbourhood, where some solid barrier turned up.
Interim target on the upside emerges at the 55-day SMA at 119.36 ahead of the more relevant 200-day SMA in the 119.8/85 band.
In the meantime, the current price action remains part of the broader consolidative range between 116.00 and 121.50.
EUR/JPY daily chart