EUR/JPY Price Analysis: Recovery stays firm and targets 120.00

EUR/JPY extends the weekly recovery to the vicinity of 119.00.
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 and it is now approaching the key 119.00 mark on the back of persistent JPY-selling.

If the buying impetus picks up pace, then the next target of relevance will be the 200-day SMA in the 119.85/90 band, just ahead of the 120.00 barrier.

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 16^th).

EUR/JPY daily chart

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