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  • EUR/JPY is flirting with the key barrier at 118.00 today amidst a narrow range and renewed selling pressure in the Japanese currency.
  • In the very near term, occasional bull runs are expected to meet strong resistance in the 119.52/70 region, where coincide the 21-day SMA and recent peaks.
  • On the broader view, as long as the 120.99/121.10 band caps the upside, the negative outlook is set persist. In this area converge the 55-day SMA and the 4-month resistance line.

EUR/JPY daily chart