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Forex: EUR/JPY keeps pressure on 122.20 resistance

EUR/JPY continues to press incessantly against key resistance at 122.20, tested a couple of times - March 1 and 5 hours ago - with the 20EMA in the 4-hour chart acting as a reliable vehicle to cap the downside since March 5.

"EUR self weakness will likely maintain the upside limited" says Valeria Bednarik, chief analyst at FXstreet.com, adding that "the hourly chart shows 100 and 200 SMA’s converging around 121.50 offering short term support in case the upside gives up..."

Bigger time frames, Valeria's stance is neutral, "with 121.10 and 122.60 key extremes to break to clarify picture" she said.

In the scenario that a clear break above resistance is seen, "it will trigger stronger recovery though higher see more resistance at the 122.55 and 122.90, prev lows" FX Market Alerts team notes.

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