EUR/JPY Price Analysis: Further consolidation remains on the cards

• EUR/JPY keeps the recent range unchanged so far.
• Extra downside not ruled out below the 200-day SMA.

EUR/JPY keeps the side-lined theme well in place for yet another session at the end of the week on the back of the recovery in both the European currency and its Japanese peer, all in response to some correction in the dollar.

In the meantime, the broad range theme is expected to persist in the near-term between 120.05 (200-day SMA) and the vicinity of 116.00 (2020 lows).

Further out, the likeliness of extra pullbacks should stay on the cards as well as the key 200-day SMA – today at 120.05 – caps the upside.

EUR/JPY daily chart