EUR/JPY Price Analysis: Further consolidation appears likely

• EUR/JPY fades the advance to weekly peaks beyond 123.00.
• Extra rangebound seems on the cards in the near-term.

EUR/JPY extends the consolidative mood following the recent rejection from weekly/monthly peaks above the 123.00 mark.

In the meantime, recent lows in the 121.60 zone looks to hold potential bearish moves, while the 123.00 neighbourhood caps the topside for the time being.

Further out, while above the key 200-day SMA at 121.19, EUR/JPY is expected to keep the positive bias unchanged.

EUR/JPY daily chart