EUR/JPY Technical Analysis: The resistance line at 121.16 emerges as the next target

• The cross is showing some recovery after finding support in the 10-day SMA near 121.70.
• Friday’s bullish ‘outside day’ sparked a correction higher to the 122.50 region, losing some momentum afterwards on renewed EUR-weakness.
• Ideally, EUR/JPY needs to clear the short-term resistance line at 122.16 in order to alleviate the current downside pressure and attempt a test of the 123.00 handle and beyond.

EUR/JPY daily chart