EUR/JPY Technical Analysis: Focus has re-shifted to the 122.00 area in the near term

• The cross remains under downside pressure and is attempting a sideline theme in the lower end of the range, all against the backdrop of the sharp decline in place since mid-April.
• A test of recent lows at the 122.00 neighbourhood and probably below remains well on the cards as long as the multi-month resistance line, today at 125.92, caps the upside.
• Bouts of buying interest should meet interim resistance at the 10-day SMA at 123.07 ahead of 123.61 (high May 10).

EUR/JPY daily chart