EUR/JPY Price Analysis: Downside met support at the 21-day SMA

• The leg lower in EUR/JPY looks contained near 121.80.
• Further south emerges the 200-day SMA at 120.87.

The downside momentum in EUR/JPY has apparently run out of steam in the 121.80 region, coincident with the 21-day SMA.

In case buyers regains control, there are no hurdles of note until last week’s 2020 highs in the vicinity of 122.90.

However, should the selling bias resume, then the 121.05/120.87 band should come into focus, where coincide the 55-day and 200-day SMAs. The continuation of the downtrend is also favoured by the divergence in the daily RSI.

EUR/JPY daily chart