EUR/JPY Technical Analysis: Next target on the upside emerges at the 55-day SMA at 122.60
The cross is extending the rangebound trading in the upper end of the range above the 122.00 mark and now faces the next up barrier at the 55-day SMA at 122.60.
- Further north emerges July peaks at 123.35 ahead of late May highs in the 123.70 region.
- In case sellers regain the upper hand, extra losses could see another test of 120.95 (June 21 low) ahead of 120.78 (May lows). A breach of this area should put 2019 lows in the sub-119.00 region back on the radar.
- Furthermore, the bearish view on the cross remains intact below the short-term resistance line, today at 122.91