EUR/JPY Technical Analysis: The up move could extend to the 123.80 region

• EUR/JPY is seeing some correction from recent peaks, failing just ahead of 123.00 the figure during early trade.
• The ongoing up move in the cross carries the potential to extend to late-March peaks in the 123.75/80 band. This area of resistance is also reinforced by the key 55-day SMA at 123.95.
• Looking at the broader picture, the outlook on the cross remains unchanged while below the multi-month resistance line at 125.23.

EUR/JPY daily chart