EUR/JPY Technical Analysis: Looks consolidative below 121.50 in the near term

• EUR/JPY is now extending the sideline trading below recent tops in the 121.50 region on the back of alternating risk appetite trends.
• Further buying impulse should meet the next relevant hurdle at recent tops in the mid-121.00s ahead of the more relevant 200-day SMA at 122.18.
• The resumption of the selling bias should meet decent contention at late September peaks in the 120.00 neighbourhood. This area of support is reinforced by the proximity of the 100-day SMA at 119.73.

EUR/JPY daily chart