EUR/JPY Technical Analysis: Upside still capped by the 125.60 region

• EUR/JPY is extending the consolidative stance in the upper end of the weekly range, with gains so far capped by peaks in the 125.60 region.
• A breakout of this pattern should put back on the radar the 100-day SMA at 125.89 ahead of the key short-term resistance line, today at 126.07. The cross needs to leave behind this area of resistance to alleviate the downside pressure.
• Further north, the next hurdle emerges at the 2019 highs in the 127.50 region.

EUR/JPY daily chart