- EUR/JPY partially fades the positive start of the week on Tuesday.
- Further range bound appears likely in the short-term horizon.
EUR/JPY keeps the side-lined phase well in place for yet another session on Tuesday.
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 140.87. 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.
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