EUR/JPY Technical Analysis: Struggles for direction above 120.00

• EUR/JPY’s price action remains capped by the 21-day SMA.
• The downside pressure in the euro weighs on the cross.

EUR/JPY appears to have met a tough nut to crack in the 120.30 region so far this week, where sits the key 21-day SMA.

Immediately to the upside emerges October lows in the mid-121.00s, although the cross needs to surpass the ongoing sideline theme, ideally in the near-term, in order to attempt a sustainable move higher.

If sellers return to the market, the 119.61/24 band should come back to the fore, where coincide the 55-day and 100-day SMAs along with monthly lows.