EUR/JPY technical analysis: Bulls trapped by descending resistance

EUR/JPY has corrected to the downside following the 119.60 reversal and rallies are sold at the descending resistance line from the same top to the 19th and 20th August highs. Support is located in the 117.50s. Through the said top, we have 120.06 as the 25th July low ahead of the 55-day ma and the 3-month downtrend at 120.88/98.