EUR/JPY Price Analysis: Sticks to the neutral/bearish stance

• EUR/JPY is extending the consolidation theme around the 124.00 zone.
• Minor support emerges at the 21-day SMA near 123.30.

EUR/JPY is struggling for direction in the first half of the week and it now seems to have moved into a rangebound trade around the 124.00 neighbourhood.

Further downside remains on the cards, however, with interim support in the 123.30 region, where sits the 21-day SMA. Further south emerges the monthly lows in the 121.60 zone. On the other hand, if bulls regain the upper hand, then the focus of attention should shift to the 125.00 neighbourhood.

A breach of the 121.60 area should open the door to extra losses and a probable shift to a bearish outlook.

EUR/JPY daily chart