EUR/JPY Technical Analysis: Upside stays capped by the 55-day SMA at 121.88

• EUR/JPY is extending the sidelined theme below the 122.00 handle and is at the same time eroding the 21-day SMA in the 121.30 region.
• Further rangebound is thus expected as long as the 55-day SMA, today at 121.88, caps the upside.
• The negative view on the cross is also reinforced by the short-term resistance line just below 122.00 the figure.

EUR/JPY daily chart