EUR/JPY Technical Analysis: The cross is approaching monthly lows near 121.30

• The cross seems to have regained some composure following two consecutive daily pullbacks.
• The selling pressure around EUR/JPY gained extra pace after the recent breakdown of the 21-day and 10-day SMAs at 121.87 and 121.75, respectively.
• In the meantime, the cross needs to clear the 55-day SMA at 122.38 to mitigate the downside pressure and allow for a test of the 123.00 neighbourhood.
• In the meantime, the bearish outlook on the cross remains intact below the short-term resistance line, today at 122.67.

EUR/JPY daily chart