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  • EUR/JPY is reversing Monday’s pullback and challenges 125.00.
  • The 2020 peaks around 125.20 emerges as the next target.

EUR/JPY leaves behind the pessimism at the beginning of the week and is now flirting with the key barrier at 125.00 the figure.

The underlying positive stance in the cross remains well and sound, with occasional bearish moves deemed as corrective only. Against this, EUR/JPY is expected to re-visit the YTD tops in the 125.20 region in the short-term horizon, while bouts of weakness are predicted to meet contention in the 122.90 region.

Looking at the broader picture, the outlook on EURJPY is seen as constructive while above the 200-day SMA, today at 120.03.

EUR/JPY daily chart