EUR/JPY Technical Analysis: Upside momentum faltered just ahead of the 125.00 handle

• After two consecutive daily advances, EUR/JPY has now come under selling pressure following the persistent bias around the European currency.
• A deeper retracement carries the potential to test March low at 123.65, ahead of 123.39, mid-January low.
• On the upside, interim hurdles emerge at the 125.23/35 band, where converge the 55-day and 21-day SMAs, although the cross needs to clear the resistance line – today at 126.45 – to alleviate the downside pressure.

EUR/JPY daily chart