EUR/JPY Price Analysis: Solid resistance emerges near 124.20

• EUR/JPY’s upside momentum run out of steam near 124.20.
• The 3-month resistance line keeps capping extra gains.

The recent advance in EUR/JPY appears to have met a tough barrier at the 3-month resistance line near 124.20.

The cross managed to regain attention after bottoming out in the 122.40 area on Monday, where also converges the 100-day SMA. Buyers are expected to clear the 124.20 region to allow for a move higher to, initially, the 55-day SMA around 124.60 ahead of 126.46 (September 10 high).

Above the 200-day SMA, today at 120.91, the outlook on the cross is expected to remain constructive.

EUR/JPY daily chart