EUR/JPY Technical Analysis: Correction higher now targets 123.00 and above

• EUR/JPY surpassed the 10- day and 21-day SMA and appears to be heading further north on the back of the rally in the European currency.
• Immediately to the upside emerge June’s peaks near 123.20 ahead of the 55-day SMA at 123.43 and 123.75 (high May 21).
• Ideally, EUR/JPY needs to clear the short-term resistance line at 122.36 in order to alleviate the current downside pressure.

EUR/JPY daily chart