EUR/JPY Technical Analysis: Upside remains capped by the mid-121.00s

• EUR/JPY met strong resistance in the area of recent highs around 121.50 against the backdrop of increasing selling bias in both the single currency and the Japanese safe haven.
• A convincing break above the mid-121.00s is needed to allow the cross to visit the 122.00 neighbourhood, where is located the critical 200-day SMA.
• On the other hand, the 120.30 region is expected to hold occasional bearish attempts. This area of contention is reinforced by the 21-day SMA at 120.43.

EUR/JPY daily chart