EUR/JPY Technical Analysis: extra consolidation looks likely in the near term

• EUR/JPY has eroded part of Monday’s advance and it has returned to sub-121.00 levels today and it is at the same time flirting with the 10-day SMA.
• Immediately to the upside aligns the mid-121.00s, where are located recent tops. A breakout of this area of resistance should pave the way for a visit to the key 200-day SMA at 122.14.
• The resumption of the selling bias should meet strong support in the 120.00 neighbourhood ahead of the 100-day SMA near 119.70.

EUR/JPY daily chart