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  • EUR/JPY comes under pressure and approaches 124.00.
  • Further south emerges the 200-hour near 123.80.

EUR/JPY recorded fresh yearly peaks beyond 125.00 the figure on Friday following the sharp sell-off in the Japanese safe haven.

The ongoing corrective downside could extend further and test the 200-hour SMA in the 123.80 region. A deeper pullback carries the potential to see the January peaks in the 122.90/87 band re-visited.

As long as EURJPY trades above the 200-day SMA at 120.00, the bullish outlook is expected to remain unchanged.

EUR/JPY hourly chart