EUR/JPY Price Analysis: A drop to the 200-day SMA is not ruled out

• EUR/JPY remains within a consolidative range below the 123.00 mark.
• The resumption of the selling bias could see the 200-day SMA retested.

EUR/JPY still navigates within a side-lined mood in the sub-123.00 region so far on Monday.

The recent selling pressure seems to have met decent contention in the vicinity of 122.40 on Monday, where also lies the 100-day SMA. If cleared, the critical 200-day SMA, today at 120.88, should return to the investors’ radar.

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

EUR/JPY daily chart