EUR/JPY Technical Analysis: Comes under pressure and targets the 10-day SMA at 122.10

• The recent failure to sustain a breakout of the key 123.00 handle has motivated sellers to step in and drag EUR/JPY back to the vicinity of the 122.00 neighbourhood.
• Immediate to the upside emerges Tuesday’s top at 123.17. The cross needs to clear this area to pave the way for a visit to the 123.70/75 band.
• Furthermore, the offered bias remains intact while below the multi-month resistance line, today at 125.14.

EUR/JPY daily chart