Chart: EUR/JPY Analysis

EURJPY finally posted a new 10-day low yesterday after a long period of trading in a range, and yet that low was rejected in the late Asian and early European session. Moves across markets seem to be having a hard time showing any follow through lately. Still, some short term resistance is still in place in EURJPY at around 123.80, and a new low below 121.20 would reinvigorate the bearish argument and lead to a test of 120.00 and beyond if risk aversion heats up again. To the upside, the bigger resistance comes in at the 21-day SMA (blue line), which has been an obvious focus over the last several trading days.