EUR/JPY Price Analysis: A move to 123.00 is not ruled out

• EUR/JPY extends the choppy activity below 124.00.
• Immediately to the downside aligns monthly lows around 123.00.

The stance on EUR/JPY remains neutral/bearish so far this week and flirts with the 100-day in the mid-123.00s on Tuesday.

Further consolidations appears likely amidst a broad-based cautious stance in the global markets, although a loss of the lower bound of the range in the 123.50 zone could lead to another visit to the monthly lows in the 123.00 neighbourhood in the short-term horizon.

Looking at the broader scenario, while above the 200-day SMA at1 121.12, the outlook on the cross is expected to remain constructive.

EUR/JPY daily chart