EUR/JPY Price Analysis: Extra rangebound looks likely

• EUR/JPY remains consolidative above the 126.00 level.
• The 2020 highs near 127.20 continue to cap the upside.

EUR/JPY extends the consolidation theme above the 126.00 level for yet another session on Tuesday.

The cross keeps the side-lined mood since December so far, with the upper bound around 2020 high near 127.20 (December 29) and decent contention emerging around 125.70. The current lack of direction appears reinforced by the RSI near the 50 area.

The breakout of the ongoing theme should motivate the cross to target the 2019 peak at 127.50 (March 1). Bearish attempts, on the other side, are expected to meet support in the 125.00 neighbourhood. (October/November highs).

Looking at the broader picture, while above the 200-day SMA at 122.35 the outlook should remain constructive.

EUR/JPY daily chart