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  • EUR/JP’s recovery met a strong barrier around the 119.00 mark.
  • Further upside could see the 200-day SMA near 120 re-visited.

After printing multi-week lows near 116.50 last week, EUR/JPY managed to regain some composure, although the bullish attempt stalled in the 119.00 neighbourhood, sparking the ongoing correction lower.

Interim target on the upside emerges at the 55-day SMA at 119.41 ahead of the more relevant 200-day SMA in the 119.85/90 band

A breakout February tops in the mid-121.00s is needed in order to alleviate the downside pressure and shift the focus to a potential test of yearly highs in the boundaries of 123.00 the figure (January 16th).

EUR/JPY daily chart