EUR/JPY Technical Analysis: Further consolidation remains on the cards in the near term

• EUR/JPY is prolonging the weekly sideline theme just below the 118.50 region.
• Immediately to the upside emerges the 21-day SMA at 118.86 ahead of last week’s tops near 119.90.
• Looking at the broader picture, while below the 55-day SMA at 120.64 and the multi-month resistance line at 120.79, the bearish view is expected to remain unchanged.

EUR/JPY daily chart