EUR/JPY Price Analysis: No changes to the consolidation theme so far

• EUR/JPY comes under selling pressure around the 158.00 zone.
• The continuation of the range bound mood seems likely.

EUR/JPY reverses two consecutive daily gains and faces some downside pressure near 158.00 on Wednesday.

Considering the ongoing performance, further consolidation appears in store for the cross for the time being. In the meantime, the breakout of this range could put the September high of 158.65 (September 13) to the test ahead of the 2023 top at 159.76 (August 30).

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 150.50.

EUR/JPY daily chart