EUR/JPY Price Analysis: Extra consolidation looks likely

• EUR/JPY alternates gains with losses around 158.00.
• The continuation of the side-lined trade appears on the cards.

EUR/JPY navigates within a narrow range in the 158.00 region so far on Tuesday.

Considering the ongoing performance, further consolidation appears in store for the cross for the time being. In the meantime, the breakout of this range could put the September high of 158.65 (September 13) to the test ahead of the 2023 top at 159.76 (August 30).

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 150.42.

EUR/JPY daily chart