EUR/JPY Technical Analysis: The cross is eroding the 10-day/21-day SMAs just above 122.00

• EUR/JPY is prolonging the weekly recovery and has now regained the 122.00 neighbourhood, eroding at the same time the 10-day and 21-day SMAs.
• In case sellers regain the upper hand, further decline could see 120.95 (June 21 low) re-visited ahead of 120.78 (May lows). Further south emerges 2019 lows in the sub-119.00 region recorded in early January.
• Furthermore, the bearish view on the cross remains intact below the short-term resistance line, today at 122.94.

EUR/JPY daily chart