EUR/JPY Price Analysis: Further range bound in store

• EUR/JPY extends further the consolidative mood around 141.00.
• The 200-day SMA keeps holding the downside for the time being.

EUR/JPY maintains the side-lined trading well in place around the 141.00 region for yet another session on Wednesday.

Extra consolidation should not be ruled out in the very near term. In case the downside accelerates, the next support of note emerges at the 200-day SMA, today at 140.90. A sustainable drop below the latter exposes extra weakness to, initially, the 138.00 neighbourhood. On the upside, the breakout of the weekly low at 142.29 (January 25) could open the door to a potential test of the key resistance area around 143.00.

The constructive outlook for EUR/JPY is seen unchanged above the 200-day SMA for the time being.

EUR/JPY daily chart