EUR/JPY Price Analysis: Further rangebound on the cards

• EUR/JP met solid resistance around the 119.00 mark in past sessions.
• Broader side-lined theme expected to prevail for the time being.

Following multi-day peaks in the 119.00 neighbourhood, EUR/JPY dropped to sub-118.00 levels on the back of the resumption of some selling pressure at the beginning of the week.

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.

EUR/JPY daily chart