EUR/JPY Price Analysis: Further rangebound on the cards

• EUR/JPY appears to be stabilizing above the 100-day SMA (122.42).
• The resumption of the selling bias could see the 200-day SMA retested.

EUR/JPY still navigates within a side-lined mood around the key 122.90 region so far on Friday. This area of contention coincides with January’s peak.

The recent selling pressure seems to have met decent contention in the mid-122.00s for the time being. If cleared, there is a minor support at the 100-day SMA near 122.40 ahead of the critical 200-day SMA, today at 120.87.

Below the 200-day SMA the outlook on the cross is expected to shift to bearish.

EUR/JPY daily chart