EUR/JPY Price Analysis: Extra gains seen above 122.00

• EUR/JPY is extending the consolidative theme just below 121.00.
• The 200-day SMA near 119.60 offered decent contention so far.

Following a failed attempt to surpass the 121.00 mark last week, EUR/JPY has moved into a consolidation range, which is so far supported around the mid-119.00s.

This important area of contention is home of the key 200-day SMA and monthly lows.

A breach of this support should pave the way for further weakness to, initially, the 100-day and 55-day SMAs at 118.72 and 118.44, respectively.

EUR/JPY daily chart