EUR/JPY Price Analysis: Further consolidation not ruled out

• EUR/JPY has failed once again to surpass the 121.00 mark on Tuesday.
• Immediately to the upside emerges monthly peaks near 121.50.

EUR/JPY is trading within a tight range below the 120.00 barrier on Wednesday, all against the backdrop of a generalized side-lined mood in the global markets.

The key area remains the 120.30 level, where is located the 200-day SMA. Below it, the cross is expected to face increasing odds for a deeper retracement.

Against this backdrop, a move to the area of 2020 lows near 118.50 should not be ruled out in the short-term horizon.

EUR/JPY daily chart