EUR/JPY Technical Analysis: The cross is flirting with the short-term resistance line near 124.50

• EUR/JPY is managing to start the week on a firm note following three consecutive daily retracements.
• The cross sold off from last week’s highs near 126.80 to sub-124.00 levels on Friday, at the same time breaking below the key short-term support line and opening the door for extra pullbacks.
• A sustained breakdown of this area (124.50) should open the door for a deeper drop to the 123.40 region, lows seen in mid-January.

EUR/JPY daily chart