EUR/JPY Technical Analysis: The cross is flirting with the 21-day SMA in the 117.70 region

• EUR/JPY is extending the rebound from new YTD lows recorded earlier in the week in the 115.80 zone (Tuesday), managing to approach and test the 117.70 area, where sits the 21-day SMA.
• Further upside could see a test of 119.58 (August 13 high) ahead of the key 55-day SMA AT 119.85. Ths area of resistance is also reinforced by the multi-month resistance line at 120.06.
• If sellers regain the upper hand, the resumption of the leg lower is seen re-visiting recent lows near 115.80 and head towards April 2017 low at 114.85.

EUR/JPY daily chart