EUR/JPY Technical Analysis: the 200-day SMA above 121.00 remains key

• EUR/JPY met some interesting resistance in the 10-day SMA near 121.50.
• The continuation of the move up should target the mid-122.00s, recent tops.

EUR/JPY is giving away part of Monday’s moderate advance, although a clear breakout of the key 200-day SMA just above the 121.00 handle still remains elusive.

So far, the weekly recovery appears capped by the mid-121.00s, where sits the 10-day SMA. A sustainable breakout of weekly tops should open the door to further upside and along with a potential test of recent tops in the 122.50/65 band.

Further north aligns the peaks recorded during last summer in the 123.30 zone.