EUR/JPY Price Analysis: Interim hurdle emerges at the 55-day SMA

• EUR/JPY’s daily advance struggles near the 124.70 region.
• Extra gains are likely once this area of resistance is cleared.

Monday’s positive move in EUR/JPY appears to have met a tough barrier at the 55-day SMA near 124.70, area just beyond the key 3-month resistance line.

The cross needs to leave behind this zone on a convincing fashion to allow for the continuation of the recovery to, initially, the mid-126.00s recorded on September 10.

Above the 200-day SMA, today at 120.95, the outlook on the cross is expected to remain constructive.

EUR/JPY daily chart