EUR/JPY Technical Analysis: Weekly upside limited around 120.70

• EUR/JPY remains sidelined so far this week below the 121.00 handle.
• US-China trade effervescence keeps weighing on the cross.

EUR/JPY remains within a multi-session consolidative theme and seems to be tracking the performance of the 21-day SMA, today at 120.43.

The inability of the cross to break above the current consolidation in the short-term carries the potential to spark a move lower with the immediate target at the 119.53/24 band, where coincide the 100-day and 55-day SMAs as well as monthly lows.

In order to alleviate the immediate downside pressure, the cross needs to overcome weekly highs around 120.70. Further up aligns the critical resistance in the 121.50 region.