EUR/JPY Price Analysis: Consolidation likely near-term

• EUR/JPY once again meets resistance in the mid-124.00s.
• Further up is located the key barrier at the 125.00 neighbourhood.

EUR/JPY’s recovery appears to have stalled in the 124.50 region so far this week, opening the door to some near-term consolidative mood.

A surpass of this area should allow for a visit to the monthly peaks just past 125.00 the figure, where is also located  the October’s high. Once (and if) this area is cleared, then the focus of attention is forecast to gyrate to the 2020 high in the 127.00 zone (September 1).

On the opposite side, losses are expected to accelerate if EUR/JPY breaks below last week’s lows in the 122.80 zone, exposing the key 200-day SMA, today at 121.46.

EUR/JPY daily chart