EUR/JPY Price Analysis: Scope for a move to 116.00

• EUR/JPY met solid resistance around the 119.00 mark in past sessions.
• No change on the broad neutral stance for the time being.

EUR/JPY is navigating the area of weekly lows in the 117.30/20 band, resuming the bearish note following Tuesday’s recovery.

In the meantime, the current price action remains part of the broader consolidative range between 116.00 and 121.50.

While further rangebound seems the name of the game for the cross in the short-term horizon, a move to the yearly lows in the vicinity of the 116.00 mark should not be ruled out. Further out and supporting the consolidative mood, the daily RSI is hovering over the 42.0 region.

EUR/JPY daily chart