EUR/JPY Technical Analysis: Appears consolidative above 121.50

• EUR/JPY is looking to stabilize below the recently breached support at 122.00 the figure.
• While further consolidation is likely in the near term, a breach of this area of contention should expose recent lows in the 120.80/75 band ahead of 2019 lows in sub-119.00 levels (‘flash crash’ in early January).
• On the broader outlook, the bearish bias on the cross remains intact below the multi-month resistance line, today at 124.92.

EUR/JPY daily chart