EUR/JPY Technical Analysis: the cross stays capped by the 10-day SMA near 117.80 in the near term

• EUR/JPY is fading yesterday’s rebound from new yearly lows in the mid-116.00s, while the upside remains limited by the proximity of the 10-day SMA in the 117.80 area.
• In case bulls regain the upper hand, the next hurdle of relevance should come in at 118.50, where sits the 21-day SMA.
• Looking at the broader picture, while below the 55-day SMA at 120.53 and the multi-month resistance line at 120.69, the bearish view is expected to remain unchanged.

EUR/JPY daily chart