EUR/JPY Technical Analysis: Upside remains capped by the proximity of the 120.00 mark

• EUR/JPY is trading without a clear direction so far on Thursday amidst a broad-based sideline price action in the global markets.
• While below the immediate resistance line, today ay 120.76, the negative stance remains unchanged. This hurdle is also reinforced by the proximity of the 21-day SMA at 120.46.
• On the upside, the interim hurdle emerges at weekly highs near 119.90, while a surpass of the 55-day SMA at 121.41 should mitigate the downside pressure somewhat. This area of resistance is also reinforced by late July peaks.

EUR/JPY daily chart