EUR/JPY Price Analysis: Extra consolidation looks likely near-term

• EUR/JPY appears to be stabilizing in the sub-123.00 region.
• Immediately to the downside comes in the 100-day SMA at 122.35.

EUR/JPY looks side-lined around the key 122.90 region so far on Thursday. This area is coincident with January’s peak (122.87).

The recent selling pressure seems to have met decent contention in the mid-122.00s for the time being. If cleared, there is a minor support at the 100-day SMA at 122.35 ahead of the critical 200-day SMA, today at 120.87.

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

EUR/JPY daily chart