EUR/JPY Price Analysis: Remains side-lined below 121.50

• Weekly rebound in EUR/JP met resistance in the 119.00 neighbourhood.
• Broader side-lined theme expected to prevail for the time being.

After printing multi-week lows near 116.50 last week, EUR/JPY managed to regain some buying interest and climbed as high as the 119.00 area, where lost some upside potential.

Interim target on the upside emerges at the 55-day SMA at 119.33 ahead of the more relevant 200-day SMA around 119.80.

While below tops in the 121.50 region, the cross is expected to keep the consolidative fashion well in place in the near term.

EUR/JPY daily chart