EUR/JPY Technical Analysis: Cautious in the top of the range. Looks to G-20 event

• After failing just ahead of the 123.00 mark on Thursday, EUR/JPY came under some selling pressure on the back of a pick up in the demand for the safe haven JPY.
• The rebound from last week’s lows remains well and sound sustained at the same time by Friday’s bullish ‘outside day’. Next on the upside should be monthly peaks near 123.20 ahead of 123.75 (late May highs).
• The continuation of the upside momentum largely hinges on the flows around the Japanese currency, particularly following the trade developments at the G-20 meeting.

EUR/JPY daily chart