EUR/JPY Technical Analysis: Upside still capped by the 55-day SMA at 122.13

• EUR/JPY is attempting a decent rebound to the 121.00 handle amidst some renewed offered tone surrounding the Japanese currency.
• The cross, in the meantime, looks well supported in the 120.80/75 band, coincident with June/July lows so far.
• In case sellers regain the initiative, there are no relevant levels until 2019 lows in the sub-119.00 zone seen in early January.
• Below the 55-day SMA at 122.13 the negative outlook is expected to persist for the time being.

EUR/JPY daily chart