EUR/JPY Technical Analysis: The 55-day SMA at 122.55 still caps the upside

• EUR/JPY resumed the downside on the back of renewed JPY-buying following the FOMC minutes and Powell’s first testimony.
• Ideally, the cross needs to surpass the 55-day SMA in the mid-122.00s to mitigate downside pressure and re-shift its focus to the 123.00 area and beyond. Further up emerges July top at 123.35.
• Further out, the negative prospect on the cross remains unchanged below the short-term resistance line, today at 122.84.

EUR/JPY daily chart