EUR/JPY Technical Analysis: Corrective downside could test the 120.30 region

• The upside momentum in EUR/JPY failed at the 121.00 region.
• Further north is located the next key resistance around 121.50.

The rally in EUR/JPY met a tough barrier in the 121.00 neighbourhood, sparking the ongoing knee-jerk.

Further south emerges interim contention in the 120.30 area, where coincide the 21-day and 10-day SMAs. This area of support is also reinforced by September’s top near 120.20.

If the buying interest returns to the market, the next hurdle of note is at October peaks near 121.50 ahead of the critical 200-day SMA.