EUR/JPY Technical Analysis: The 10-day SMA above 118.00 caps the upside so far

• EUR/JPY is extending the choppy trade seen in past sessions, although a sustainable breakout of the 118.00 barrier still looks elusive.
• A break above the current consolidation should expose the immediate target at 119.01, where sits the 21-day SMA, ahead of 119.58 (high August 13).
• Looking at the broader picture, while below the 55-day SMA at 120.72 the bearish view is expected to remain unchanged. This area is also reinforced by the multi-month resistance line at 120.88.

EUR/JPY daily chart