EUR/JPY Technical Analysis: Triangle formation in the hourly chart points to some consolidation near term

• EUR/JPY keeps correcting higher following last week’s lows in the proximity of the 124.00 handle on the back of an improved tone around the European currency.
• Initial resistance emerges at the 125.44/53 band, where converge the 10-, 100-, 55- and 21-day SMAs. If cleared, monthly peaks just below 127.00 the figure should return to the radar.
• In the meantime, the cross needs to clear the multi-month resistance line, today ay 126.53, to alleviate downside pressure and shift its focus to 2019 highs in the mid-127.00s seen in early March.

EUR/JPY hourly chart