EUR/JPY Technical Analysis: Decent support emerged in the mid-122.00s

• The recent weakness in the cross appears to have attracted some buying interest in the 122.50 region, sparking the current correction to the area above 123.00 the figure.
• In case of the resumption of the down move, the area of 122.40, June 2017 lows, emerges as the immediate contention ahead of January’s ‘flash crash’ to sub-119.00 levels.
• While the ongoing rebound is seen as corrective only, it faces the next hurdle in the 124.92/125.30 band, where converge the 21-day, 100-day and 55-day SMAs. EUR/JPY is seen offered, however, while below 126.12, where sits the multi-month resistance line.

EUR/JPY daily chart