EUR/JPY Price Analysis: Further consolidation stays on the cards

• EUR/JPY keeps the recent range unchanged so far.
• While below the 200-day SMA at 120.09 further decline remains probable.

Persistent demand for the safe haven yen is putting EUR/JPY under pressure on Wednesday around the 118.00 mark.

In the meantime, the cross remains within a broad rangebound theme, always below the 120.09/48 band, where converge last week’s tops and the 200-, 55- and 100-day SMAs.

While below the 200-day SMA, today at 120.09, there is still scope for the cross to re-visit the 2020 low near the 116.00 mark (March 9^th).

EUR/JPY daily charly