EUR/JPY Price Analysis: Initial contention seen at 200-hour SMA at 123.78

• 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