EUR/JPY Technical Analysis: Upside lost momentum around 123.30

• EUR/JPY has managed to break above the key handle at 123.00 the figure at the beginning of the week on the back of increasing selling bias in the Japanese safe haven.
• The cross tested June peaks in the 123.20 area during early trade, although it lost upside momentum soon after wards, returning to sub-123.00 levels.
• The continuation of the upside momentum largely hinges on the flows around the Japanese currency and should meet the next relevant target at 123.75, high May 21.

EUR/JPY daily chart