EUR/JPY Price Analysis: Upside still capped by 126.50

• EUR/JPY remains within a consolidative range below the 126.00 mark.
• There is an interim resistance at the post-ECB high near 126.50.

EUR/JPY is prolonging the choppy trade below the 126.00 mark so far this week.

Bulls need to surpass last week’s top near 126.50 to allow for another attempt to visit the 2020 highs just beyond 127.00 the figure recorded on September 1.

The positive stance on EUR/JPY is forecasted to remain unaltered as long as the 200-day SMA, today at 120.80, holds the downside.

EUR/JPY daily chart