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EUR/JPY Price Analysis: Extra consolidation remains in place

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Updated:
  • 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

 

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