EUR/JPY Technical Analysis: Remains bearish below the immediate resistance line at 120.83

• After two consecutive daily advances, EUR/JPY has been rejected from the boundaries of 120.00 the figure on Tuesday, area coincident with the 10-day SMA.
• While below the immediate resistance line, today ay 120.83, the negative view is expected to persist. This hurdle is also reinforced by the proximity of the 21-day SMA at 121.60 and June’s low in the 120.80 area.
• If sellers regain the upper hand, a potential re-test of YTD lows in sub-118.00 levels should be back to the radar.

EUR/JPY daily chart