EUR/JPY Price Analysis: A test of 126.00 is not ruled out

• EUR/JPY struggles to gain upside traction on Tuesday.
• Recent tops in the mid-127.00s offer initial resistance.

EUR/JPY finds it complicated to gain upside traction and remains side-lined below the 127.00 mark on Tuesday.

The continuation of the selling note should expose a potential test of the 126.00 neighbourhood in the near-term, ahead of the 12570 zone, or the lower bound of the recent multi-week consolidative theme.

Looking at the broader picture, while above the 200-day SMA at 122.57 the outlook for the cross should remain constructive.

EUR/JPY daily chart