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  • EUR/JPY’s decline seems to have met contention near 119.80.
  • Further rangebound at current levels is not ruled out.

The downside in EUR/JPY seems to have stalled in the 119.80 region so far. Since then, the cross is moving within a sideline fashion around the key mark at 120.00 the figure.

As long as the 200-day SMA at 120.70 caps the upside, the selling bias in the cross is expected to remain unchanged, keeping well on the cards a potential move to 119.65/25, November 2019 lows.

EUR/JPY daily chart