EUR/JPY Technical Analysis: Downside pressure alleviated above 126.92

• EUR/JPY seems to be stabilizing around the 124.00 handle so far this week following last Friday’s deep pullback.
• The stance around the cross remains negative while the short-term resistance line, today at 126.92, caps the upside. The cross needs to surpass this area to mitigate the downside pressure.
• In case the selling impetus resumes, the next target will be yesterday’s low at 123.65 ahead of mid-January low at 123.39.

EUR/JPY daily chart