EUR/JPY Price Analysis: Further rangebound likely

• EUR/JPY extends the choppy activity around 130.00 so far this week.
• The mid-128.00s should hold the initial test if the downside picks up pace.

EUR/JPY keeps the consolidative mood unchanged around the 130.00 area for yet another session.

Extra consolidation appears on the cards in the very near term ahead of the FOMC event. On the downside, decent contention is located in the 128.50 region, which is also reinforced by a Fibo level (128.54) and the 200-day SMA (128.53).

In the meantime, while above the 200-day SMA at 128.53, the outlook for EUR/JPY is expected to remain constructive.

EUR/JPY daily chart