EUR/JPY Technical Analysis: Rebound faltered just ahead of the 10-day SMA above 120.00

• EUR/JPY has staged a moderate rebound from oversold levels in the sub-118.00 area at the beginning of the week, managing to approach the key 120.00 handle, where it met some important resistance.
• The continuation of the upside momentum faces the next interim hurdle at the 21-day SMA at 120.74. Above this area, the downside pressure should mitigate somewhat.
• Further up emerges the 55-day SMA at 121.54. This area of resistance is reinforced by the short-term resistance line, today at 121.66.

EUR/JPY daily chart