• EUR/JPY keeps the sideline theme in the upper end of the range, advancing for the sixth consecutive session today although still unable to break above 122.00 the figure on a convincing fashion.
  • Furthermore, the cross needs to surpass the 55-day SMA at 122.51 to alleviate immeidate downside pressure and re-shift its focus to the 123.00 zone and above. Further up emerges July top at 123.35.
  • In the meantime, the bearish outlook on the cross remains intact below the short-term resistance line, today at 122.78.

EUR/JPY daily chart