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  • The cross is prolonging the consolidative mood below 123.00 the figure amidst a fragile sentiment in the risk-associated space.
  • The next target on the upside emerges at the 123.60 region (May 10 high) ahead of the 21-day SMA at 123.78. .
  • In the meantime, a visit to recent lows in the 122.00 neighbourhood remains well on the cards in the short-term horizon while below the critical multi-month resistance line, today at 125.83.

EUR/JPY daily chart