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EUR/JPY Technical Analysis: The 5-month resistance line still a strong hurdle

  • EUR/JPY is flirting with the 5-month resistance line in the 119.40 region, still unable to break above it on a sustainable note.
  • A clear breakout of this area should mitigate some downside pressure and motivate the cross to attempt a test of the psychological 120.00 handle and then the 100-day SMA at 120.63.
  • The continuation of the up move could extend to late July peaks in the 121.40 area.

EUR/JPY daily chart

 

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