EUR/JPY Price Analysis: Extra consolidation in the pipeline

• EUR/JPY remains side-lined around the 126.00 neighbourhood.
• Immediately to the upside emerges the 2020 highs just above 127.00.

EUR/JPY’s multi-session neutral stance remains well and sound on Wednesday, always around the 126.00 barrier.

EUR/JPY entered into a consolidative phase following last week’s rejection from tops near 126.70, which at the same time pushed the cross into the overbought territory. The breakout of the current rangebound theme allows for a move to the 2020 peaks in the 127.00 zone (September 1) in the near-term.

Looking at the broader picture, while above the 200-day SMA at 121.72 the outlook should remain constructive. The October’s low around 121.60 also reinforces this key contention zone.

EUR/JPY daily chart