EUR/JPY Price Analysis: Further consolidation in store

• EUR/JPY hovers around the 157.00 region on Tuesday.
• The cross remains poised for extra range bound trade.

EUR/JPY navigates a narrow range around 157.00 following Monday’s strong pullback.

In the meantime, the cross remains stuck within the consolidative range and the breakout of it exposes a visit to the so far monthly high of 158.65 (September 13) prior to the 2023 top at 159.76 (August 30), which precedes the key round level at 160.00.

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 149.58.

EUR/JPY daily chart