EUR/JPY Price Analysis: Further rangebound likely

• EUR/JPY’s upside halted just ahead of the 200-day SMA.
• Immediately to the downside emerges the YTD low at 116.11.

Renewed buying pressure in the Japanese currency is dragging EUR/JPY to the 118.00 neighbourhood at the beginning of the week.

The daily recovery failed in the boundaries of the key 200-day SMA, today at 120.14. The cross is expected to extend the consolidative mood for the time being.

While below the 200-day SMA, there is scope for the cross to re-visit the 2020 low near the 116.00 mark, recorded on March 9^th.

EUR/JPY daily chart