EUR/JPY Technical Analysis: Upside keeps targeting the 121.50 area

• EUR/JPY extends the upside momentum to the upper-120.00s.
• Immediately above emerges the 121.50 area of resistance.

EUR/JPY is prolonging the rally for yet another session and is trading at shouting distance from the key 121.00 barrier.

Further upside now targets the October peaks in the mid-121.00s ahead of the critical 200-day SMA in the vicinity of 121.60.

In case sellers return to the market, interim support is located around 120.30, where sits the 21-day SMA.