EUR/JPY Technical Analysis: Failure at the resistance line could prompt extra downside

• EUR/JPY managed to rebound and test the upper end of the weekly range in the 122.20/30 band on Wednesday, although the bullish attempt lacked of follow through.
• The failure to sustain the squeeze higher to the 122.20 region, where emerges the short-term resistance line has now left room for the resumption of the leg lower.
• Immediately to the downside aligns recent lows in the 120.80/75 band ahead of the more relevant YTD lows in sub-119.00 levels recorded in early January.

EUR/JPY daily chart