EUR/JPY Technical Analysis: The cross loses momentum and drops to test the 10-day SMA around 125.80

• The sell-off in EUR/JPY following the FOMC meeting is now testing the 10-day SMA in the 125.80 region.
• Further gains in the Japanese safe haven could spark a deeper correction to, initially, the 55-day SMA at 125.22.
• In the meantime, while above the short-term support line at 124.48, the constructive stance on the cross should remain unchanged for the time being.

EUR/JPY daily chart