EUR/JPY Price Analysis: Near-term consolidation looks likely

• EUR/JPY is looking to extend the consolidation around 116.00.
• Immediately to the downside aligns the yearly lows in the mid-114.00s.

EUR/JPY is now attempting to consolidate in the 116.00 region following the rejection from last week’s tops near 117.00 the figure.

While trading below the short-term resistance line in the 116.40 zone, another visit to the YTD lows in the 114.50 area should not be ruled out

On the broader picture, a more serious bullish attempt should clear the May’s top in the 117.75/80 band. This area of resistance is also reinforced by the 55-day SMA near 117.60.

EUR/JPY daily chart