EUR/JPY Technical Analysis: immediate target remains at the 21-day SMA in the mid-120.00s

• The recovery in EUR/JPY remains well and sound at the beginning of the week sustained by the renewed selling pressure in the Japanese yen.
• Immediately above emerges the next hurdle at October tops in the 121.50 region. A breakout of this area is needed to attempt a move to the key 200-day SMA, today at 121.81.
• On the flip side, the resumption of the bearish mood should meet a cluster of support levels in the 119.46/24 band, where converge the 100-day SMA, last week’s low and the 55-day SMA.

EUR/JPY daily chart