EUR/JPY Price Analysis: Appears side-lined in the very near-term

• EUR/JPY keeps trading in the lower bound of the recent range.
• A test of the 200-day SMA in the mid-119.00s is not ruled out.

EUR/JPY is navigating within a consolidative mood so far this week, looking to consolidate the recent drop to multi-day lows in sub-121.00 levels.

If sellers manage to remain in control, then a potential move to the 200-day SMA in the mid-119.00s looks likely in the short-term horizon.

In the meantime, while above the 200-day SMA, the outlook on the cross is expected to remain positive.

EUR/JPY daily chart