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  • EUR/JPY is prolonging the downside after the rejection from 119.00.
  • Immediate to the downside emerges the 116.00 region.

EUR/JPY is navigating the area of weekly lows in the 117.00 neighbourhood, resuming the bearish note following Tuesday’s bullish attempt.

While further rangebound is expected in the short-term horizon, a move to the yearly lows in the vicinity of the 116.00 mark should not be ruled out for the time being. In addition, and supporting the consolidative stance, the daily RSI remains sidelined just above the 40.0 level.

In the meantime, the current price action remains part of the broader consolidative range between 116.00 and 121.50.

EUR/JPY daily chart