EUR/JPY Technical Analysis: Recovery stays firm. Next target at the 55-day SMA at 119.78

• The recovery in EUR/JPY has already left behind the 10-day SMA and the 21-day SMA at 117.33 and 117.72, respectively.
• The continuation of the up move could well see the key 55-day SMA at 119.78 re-tested. This important area of resistance is also reinforced by the multi-month resistance line at 120.29.
• On the downside, the 10-day SMA should offer interim support ahead of 2019 lows in the 115.80 region.

EUR/JPY daily chart