EUR/JPY Price Analysis: Corrective downside could reach the 200-day SMA

• EUR/JPY keeps trading in the lower bound of the recent range.
• A move to the 200-day SMA in the mid-119.00s stays on the cards.

EUR/JPY is navigating the area just above the 120.00 mark at the beginning of the week, looking to stabilize after the correctio lower from new YTD peaks beyond 124.00 the figure recorded earlier in the month.

If sellers manage to remain in control, then a potential move to the 200-day SMA in the mid-119.00s looks likely in the short-term horizon.

In the meantime, while above the 200-day SMA, the outlook on the cross is expected to remain positive.

EUR/JPY daily chart