EUR/JPY Price Analysis: Extra rangebound on the cards

• EUR/JPY regains some composure and reverses two pullbacks in a row.
• Further consolidation appears likely in the short-term.

EUR/JPY moved into a consolidation pattern following Monday’s sharp advance below 125.00 and subsequent retracement to the 123.70 region earlier on Thursday.

In the meantime, monthly lows in the 121.60 zone looks to hold potential bearish moves, while the 125.00 neighbourhood caps the topside for the time being.

Further out, while above the key 200-day SMA at 121.26, EUR/JPY is expected to keep the positive bias unchanged.

EUR/JPY daily chart