EUR/JPY Technical Analysis: Outlook remains bearish below resistance line at 126.30

• The better mood around the Japanese Yen has brought in renewed weakness to the cross, dragging it to levels last seen early in the year in the 123.40/35 band.
• If the selling pressure picks up extra pace, the next target should emerge at 122.58, January 4 low, ahead of the ‘flash crash’ to sub-119.00 levels seen on January 3.
• On the broader picture, EUR/JPY is posed to remain under downside pressure as longs as the multi-month resistance line, today ay 126.30, caps the upside.

EUR/JPY daily chart