EUR/JPY Price Analysis: Further consolidation looks likely near-term

• EUR/JPY met resistance in the 121.00 neighbourhood so far this week.
• Immediately to the upside emerges the next stop at the 122.00 barrier.

Following a failed attempt to surpass the 121.00 mark on Tuesday, EUR/JPY is now shedding some ground and returns to the 120.40 area at the time of writing.

In the meantime, solid support appears to have emerged at the 200-day SMA in the mid-119.00s. A break below this area should pave the way for a deeper pullback in the near-term.

In the meantime, while above the 200-day SMA, the outlook on the cross is expected to remain positive.

EUR/JPY daily chart