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

• EUR/JPY attempted a move higher on Tuesday, although it lost momentum at the 21-day SMA in the 123.70 region.
• The downside pressure should mitigate somewhat if the cross manages to clear the 124.79/89 band, where coincide the 55-day and 100-day SMAs.
• 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 125.79.

EUR/JPY daily chart