- EUR/JPY keeps the multi-day consolidative theme unaltered so far.
- JPY-selling fuels the recent move up in the cross .
EUR/JPY is looking to add to Monday’s gains in the 120.00 neighbourhood, although the move higher met moderate resistance near 120.30, where sits the 21-day SMA.
In the meantime, the inability of the cross to breakout the ongoing rangebound pattern, ideally in the near-term, could prompt sellers to step back in and spark a correction lower to the 119.58/24 band, where coincide the 100-day and 55-day SMAs as well as November’s low.
In order to alleviate the immediate downside pressure, the cross needs to overcome recent peaks around 120.70. Further up aligns the critical resistance in the 121.50 region.
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