EUR/JPY Technical Analysis: Correction lower erodes the 21-day/10-day SMAs near 122.00

• EUR/JPY failed just ahead of the 123.50 level and is now approaching the low-122.00s, where sit the 21-day/10-day SMAs.
• If the selling impetus gathers traction, the 120.95 level (June 21 low) should emerge as the next target ahead of 120.78 (May lows).
• Looking at the broader picture, the bearish outlook on the cross remains unchanged while capped by the multi-month resistance line, today at 124.54.

EUR/JPY daily chart