EUR/JPY Price Analysis: Further downside still on the cards

• EUR/JPY trades mildly on the defensive near 139.00.
• Further consolidation could be on the cards in the near term.

EUR/JPY struggles to extend the rebound further north of the daily highs around 139.50 on Tuesday.

Despite the bounce off recent lows, further decline should not be ruled out just yet, particularly against prospects for further weakness in the euro and the spectre of more FX intervention by the BoJ/MoF.

That said, a deeper pullback to the 200-day SMA, today at 135.66, still appears in the pipeline in the very near term at least.

EUR/JPY daily charts