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  • Weekly rebound in EUR/JP met resistance around the 119.00 mark.
  • 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 composure and tested the 119.00 neighbourhood, where some solid barrier turned up.

Interim target on the upside emerges at the 55-day SMA at 119.36 ahead of the more relevant 200-day SMA in the 119.8/85 band.

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

EUR/JPY daily chart