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  • EUR/JPY’s upside remains limited around the 122.00 zone.
  • If cleared, the next hurdle up emerges at 124.43 (2020 high, June 5).

EUR/JPY is clinging to daily gains in the mid-121.00s, correcting lower after failing once again to test-surpass the 122.00 area earlier in the session on Thursday.

If the buying interest picks up pace and manages to clear the 122.00 area, then the yearly tops in the 124.40/45 band should emerge on the horizon.

As long as the 200-day SMA near 119.70 holds the downside, the outlook on the cross is seen as constructive. This contention area is also reinforced by June’s lows in the 119.30 region.

EUR/JPY daily chart