EUR/JPY Price Analysis: Further consolidation appears in store

• EUR/JPY starts the week with strong gains well north of 141.00
• Extra choppiness remains on the cards for the time being.

EUR/JPY extends the erratic performance for yet another session on Monday, this time advancing sharply beyond the 141.00 barrier.

Extra consolidation should not be ruled out in the very near term. In case the downside accelerates, the next support of note emerges at the 200-day SMA, today at 140.84. A sustainable drop below the latter exposes extra weakness to, initially, the 138.00 neighbourhood.

The constructive outlook for EUR/JPY is seen unchanged above the 200-day SMA for the time being.

EUR/JPY daily chart