EUR/JPY Technical Analysis: Further consolidation likely in the near term

• The cross is prolonging the consolidative mood below 123.00 the figure amidst a fragile sentiment in the risk-associated space.
• The next target on the upside emerges at the 123.60 region (May 10 high) ahead of the 21-day SMA at 123.78. .
• In the meantime, a visit to recent lows in the 122.00 neighbourhood remains well on the cards in the short-term horizon while below the critical multi-month resistance line, today at 125.83.

EUR/JPY daily chart