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  • EUR/JPY has managed to break above 124.00 during early trade.
  • The 2020 peaks near 124.50 emerge as the next hurdle of note.

EUR/JPY’s recovery has faltered once again ahead of the 2020 highs, running out of steam in the 124.30 region earlier in the session.

Extra upside momentum remains well on the cards in spite of the ongoing corrective downside and is expected to re-visit the 2020 peaks near 124.50 in the short-term horizon. If sellers regain the upper hand, then the leg lower could test the short-term support line, today around 121.35.

As long as EURJPY trades above the 200-day SMA at 119.98, the bullish outlook is expected to remain unchanged.

EUR/JPY daily chart