EUR/JPY Technical Analysis: Upside flirts with the 21-day SMA near 122.40 and the support line

• The weekly upside in EUR/JPY appears to have met an important resistance in the 122.40 region, coincident with the 21-day SMA.
• The cross is now eroding the key short-term resistance line off April’s high and it ideally needs to clear this region in order to mitigate immediate downside pressure.
• Further up emerges the next hurdle of note at 123.75 (high May 21) ahead of the 55-day SMA in levels just shy of 124.00 the figure.

EUR/JPY daily chart