EUR/JPY Technical Analysis: Initial hurdle emerges in the 121.40 region, recent tops and 21-day SMA

• EUR/JPY keeps correcting lower after last week’s bullish attempt to the 121.40 region, coincident with the 21-day SMA.
• The continuation of the down move carries the potential to re-visit monthly lows in the vicinity of the key 120.00 handle.
• As long as the short-term resistance line at 122.03 caps the upside, the negative bias on the cross is expected to prevail. This area of resistance is also reinforced by the 55-day SMA at 121.91.

EUR/JPY daily chart