EUR/JPY Technical Analysis: Further rangebound looks likely near term

• EUR/JPY is prolonging the sideline theme in the upper-120.00s always on the back of the persistent selling mood surrounding both the Japanese yen and the single currency.
• The cross needs to break above the mid-121.00s to allow a visit to the 122.00 neighbourhood, where is located the critical 200-day SMA.
• On the other hand, the 120.00 area is expected to hold occasional pullbacks. This area of contention is reinforced by the 100-day SMA at 119.62.

EUR/JPY daily chart