EUR/JPY technical analysis: Upside remains capped by fortnight old resistance-line

• Near-term trend-line, 4H 200MA limits upside.
• Alternatively, 120.00 round-figure seem the key support.

With the RSI taking a U-turn from the overbought region, 2-week old trend-line triggered the EUR/JPY pair’s pullback to 122.20 ahead of the European open on Friday.

The pair may now aim for 122.00 and 121.60 nearby support ahead of targeting 121.30/25 rest-zone.

However, further declines under 121.25 might find it hard to slip beneath 120.77 and 120.00 key supports.

On the contrary, an upside clearance of 122.40 resistance-line can quickly propel prices to 200-bar moving average (4H 200MA) level of 123.15.

It should also be noted that pair’s sustained rise above 123.15 can target 50% Fibonacci retracement of its mid-April to latest downturn, at 123.80, prior to aiming May 06 high around 124.35.

EUR/JPY 4-Hour chart

Trend: Bearish