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  • EUR/JPY extends the choppy activity around 124.00.
  • Immediately to the upside emerges the 125.00 hurdle.

EUR/JPY remains side-lined between the 100-day and the 55-day SMAs at 123.50 and 124.65, respectively, for the time being.

Further consolidations appears likely amidst a broad-based cautious stance in the global markets. A move below the 100-day SMA should open the door to extra losses to the key support at monthly lows in the 123.00 neighbourhood. On the upside, the 125.00 region keeps capping the occasional bullish attempts.

In the meantime, while above the 200-day SMA at1 121.11,  the outlook on the cross is expected to remain constructive.

EUR/JPY daily chart