EUR/JPY Technical Analysis: Occasional recovery targets the 118.29/38 band initially

• EUR/JPY has managed to leave behind Tuesday’s negative price action and it has now resumed the upside on the back of a better tone in the European currency and the selling bias in the Japanese safe haven.
• In case the recovery gathers pace, the cross should meet initial albeit minor resistance in the 118.29/38 band, where coincide the 21-day and 55-day SMAs.
• On the broader view, the bearish view stays intact as long as the 3-month resistance line, today at 118.90, caps the upside.

EUR/JPY daily chart