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16 Mar 2020
EUR/JPY Price Analysis: Further rangebound likely
- EUR/JPY’s upside halted just ahead of the 200-day SMA.
- Immediately to the downside emerges the YTD low at 116.11.
Renewed buying pressure in the Japanese currency is dragging EUR/JPY to the 118.00 neighbourhood at the beginning of the week.
The daily recovery failed in the boundaries of the key 200-day SMA, today at 120.14. The cross is expected to extend the consolidative mood for the time being.
While below the 200-day SMA, there is scope for the cross to re-visit the 2020 low near the 116.00 mark, recorded on March 9th.
EUR/JPY daily chart
