EUR/JPY Price Analysis: Further consolidation in the pipeline

• EUR/JPY appears to have moved into a consolidation phase.
• The resumption of the downside should meet solid support around 124.40.

EUR/JPY seems to be consolidating below the 126.00 mark so far, coming under some selling pressure after last week’s new 2020 highs just above 127.00 the figure.

The current downside should be deemed as corrective only and carries the potential to morph into a multi-session consolidative range. The resumption of downtrend, however, could re-visit the 124.40 zone (low August 21).

The constructive view around EUR/JPY is predicted to remain unchanged while above the 200-day SMA at 120.68.

EUR/JPY daily chart