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  • The bull run in EUR/JPY faltered in the 121.50 region on Wednesday.
  • The 200-day SMA near 119.60 keeps holding the downside.

EUR/JPY is now seeing some correction lower after failing to surpass the 121.50 region earlier in the session.

While above the key 200-day SMA, today at 119.58, the outlook on the cross is seen as positive.

That said, the next target on the upside is located at the 122.00 neighbourhood ahead of the 2020 peak in the 124.40 zone.

EUR/JPY daily chart