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  • EUR/JP met solid resistance around the 119.00 mark.
  • Broader side-lined theme expected to prevail for the time being.

Following multi-day peaks in the 119.00 neighbourhood last week, EUR/JPY has regained some downside bias and it has now broken below the key support at 118.00 the figure.

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

However, if the selling pressure picks up extra pace, then a move to 2020 lows in the vicinity of the 116.00 mark should not be ruled out.

EUR/JPY daily chart