EUR/JPY Technical Analysis: Weekly upside capped by the 21-day SMA

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  • Recent bullish attempts in the cross appear to have met a tough resistance in the 123.70/60 region, where sits the 21-day SMA.
  • If the upside impetus gathers traction, EUR/JPY should meet the next hurdle in the 124.75/89 band, where coincide the 55-day and 100-day SMAs.
  • 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 125.73.

EUR/JPY daily chart

 

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