EUR/JPY Technical Analysis: Target is now at the 120.65/70 band

• EUR/JPY remains within the multi-day consolidative phase.
• Improved risk-appetite mood sustains the squeeze higher on Monday .

EUR/JPY keeps the multi-session consolidative theme well and sound for yet another day on Monday and is flirting with the 10-day SMA in the 120.00 neighbourhood.

In the meantime, the inability of the cross to breakout the ongoing rangebound pattern in the near-term carries the potential to motivate sellers to return to the markets. In that case, the  119.55/24 band, where coincide the 100-day and 55-day SMAs as well as monthly lows should emerge on the traders’ radar.

In order to alleviate the immediate downside pressure, the cross needs to overcome recent peaks around 120.70. Further up aligns the critical resistance in the 121.50 region.