EUR/JPY Technical Analysis: Struggles for direction above 120.00
|- EUR/JPY’s price action remains capped by the 21-day SMA.
- The downside pressure in the euro weighs on the cross.
EUR/JPY appears to have met a tough nut to crack in the 120.30 region so far this week, where sits the key 21-day SMA.
Immediately to the upside emerges October lows in the mid-121.00s, although the cross needs to surpass the ongoing sideline theme, ideally in the near-term, in order to attempt a sustainable move higher.
If sellers return to the market, the 119.61/24 band should come back to the fore, where coincide the 55-day and 100-day SMAs along with monthly lows.
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