EUR/JPY Price Analysis: Further rangebound likely

• EUR/JPY extends the consolidation around the 126.00 mark.
• Next on the upside emerges the 2020 highs just above 127.00.

EUR/JPY extends the erratic performance for yet another session on Tuesday, always around the 126.00 yardstick.

Following last week’s tops around 126.70, EUR/JPY now attempts a consolidative phase at the same time that it recedes from the overbought territory. The breakout of the current rangebound theme should motivate the cross to target 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 121.69 the outlook should remain constructive. The October’s low around 121.60 also reinforces this key contention zone.

EUR/JPY daily chart