EUR/JPY Price Analysis: Further rangebound looks likely near-term

• EUR/JPY is extending the erratic performance so far this week.
• The broader 121.50-118.50 range looks to prevail for the time being.

EUR/JPY is alternating up and downs in response to volatile headlines from the coronavirus, as it continues to spread outside of mainland China.

The key area remains the 120.30 level, where is located the 200-day SMA. Above it, the selling pressure is expected to mitigate somewhat and allow for a more serious recovery.

Against this erratic backdrop, the cross is seen navigating the 121.50-118.50 range in the short-term horizon.

EUR/JPY daily chart