EUR/JPY Technical Analysis: Flirting with the short-term support line near 122.20

• EUR/JPY is now facing some downside pressure following yesterday’s rejection from the so far weekly highs in the mid-122.00s.
• The cross is eroding the key support-line in the 122.20 region amidst today’s negative price action, reversing at the same time the upside momentum after Friday’s bullish ‘outside day’. Interim support is located in the 121.81/88 band, where coincide the 10-day and 100-day SMAs.
• Ideally, EUR/JPY needs to clear the short-term resistance line at 122.22 in order to alleviate the current downside pressure and attempt a test of the 123.00 handle and beyond.

EUR/JPY daily chart