EUR/JPY Technical Analysis: Recovery now targets the 55-day SMA at 118.75

• EUR/JPY has so far reversed Monday’s pullback and it has now resumed the upside on the back of renewed JPY-selling.
• If the buying pressure gathers extra pace, the 55-day SMA at 118.75 emerges as the next key target ahead of September highs in the 120.00 neighbourhood.
• On the broader view, while the resistance line at 118.98 caps the upside, the bearish view remains intact.

EUR/JPY daily chart