EUR/JPY Technical Analysis: Next target on the upside emerges at the 55-day SMA at 122.60

• The cross is extending the rangebound trading in the upper end of the range above the 122.00 mark and now faces the next up barrier at the 55-day SMA at 122.60.
• Further north emerges July peaks at 123.35 ahead of late May highs in the 123.70 region.
• In case sellers regain the upper hand, extra losses could see another test of 120.95 (June 21 low) ahead of 120.78 (May lows). A breach of this area should put 2019 lows in the sub-119.00 region back on the radar.
• Furthermore, the bearish view on the cross remains intact below the short-term resistance line, today at 122.91

EUR/JPY daily chart