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  • The sharp recovery in EUR/JPY run out of steam in the vicinity of 121.50.
  • Further upside now targets the 2020 highs near the 123.00 mark.

Following two consecutive sessions posting strong gains, EUR/JPY is now losing some momentum amidst some JPY-buying.

If the buying bias gathers extra impetus, then the YTD high in levels just below 123.00 the figure (January 16th) should emerge as the next target of relevance.

Above the key 200-day SMA, today at 120.38, the outlook on the cross is expected to remain positive.

EUR/PY daily chart