EUR/JPY Price Analysis: Extra gains seen above 124.30

• EUR/JPY’s upside remains capped by the 3-month resistance line.
• Further up aligns the minor hurdle at the 55-day SMA (124.63).

EUR/JPY’s recent advance appears to have met a tough barrier at the 3-month resistance line in the 124.20/30 band.

The cross managed to regain attention after bottoming out in the 122.40 area on Monday, where also converges the 100-day SMA. Buyers are expected to clear the 124.20/30 area to allow for extra gains to, initially, the 55-day SMA near 124.60 ahead of 126.46 (September 10 high).

Above the 200-day SMA, today at 120.92, the outlook on EUR/JPY is expected to remain constructive.

EUR/JPY daily chart