EUR/JPY Price Analysis: Target is now at the 2020 highs near 124.40

  • EUR/JPY extends the weekly recovery to levels beyond 122.00.
  • Further up emerges the YTD peaks in the 124.40/45 band.

EUR/JPY briefly tested the mid-122.00s earlier in the session on Wednesday, losing some upside momentum soon afterwards.

If the buying interest picks up pace and manages to clear this region, there is a minor hurdle at the January’s top at 122.87 ahead of the 2020 peaks beyond the 124.00 mark.

As long as the 200-day SMA at 119.77 holds the downside, the outlook on the cross is seen as constructive.

EUR/JPY daily chart

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