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  • EUR/JPY is fading yesterday’s rebound from new yearly lows in the mid-116.00s, while the upside remains limited by the proximity of the 10-day SMA in the 117.80 area.
  • In case bulls regain the upper hand, the next hurdle of relevance should come in at 118.50, where sits the 21-day SMA.
  • Looking at the broader picture, while below the 55-day SMA at 120.53 and the multi-month resistance line at 120.69, the bearish view is expected to remain unchanged.

EUR/JPY daily chart