EUR/JPY Technical Analysis: Remains under pressure and targets the mid-122.00s

• Despite the continuation of the weekly up move, EUR/JPY remains unable to gather some serious traction above the 123.00 barrier for the time being.
• Immediate to the upside emerges the 124.40/125.13 band, where converge the 21-day, 100-day and 55-day SMAs. Above this hurdle, the downside pressure should mitigate somewhat.
• However, as long as the multi-month resistance line at 126.00 caps the  upside, the negative outlook should prevail along with the potential drop to test recent lows in the mid-122.00s ahead of June 2017 lows near 122.40 followed by January’s ‘flash crash’ to sub-119.00 levels.

EUR/JPY daily chart