EUR/JPY Price Analysis: Some consolidation is likely ahead of further gains

• EUR/JPY meets interim support in the 125.30 region so far this week.
• A more relevant contention is located in the 124.30 area.

Following last week’s 2020 tops near 126.80, EUR/JPY has embarked in a corrective downside which met support in the 125.30 zone for the time being.

While the cross may enter into a brief consolidation period in the short-term horizon, further downside should not be ruled out. Against this, there is quite a moderate contention area in the 124.30/25 band ahead of the vicinity of 122.90.

The constructive view around EUR/JPY is forecasted to remain unchanged while above the 200-day SMA at 120.29.