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  • EUR/JPY move up met initial hurdle at the 122.00 area.
  • Further up emerges the 2020 high at 123.43 (June 5).

EUR/JPY failed to extend the bullish attempt further north of the 122.00 mark on Monday, sparking the ongoing knee-jerk.

If the buying interest picks up pace, then the yearly tops in the 124.20 region should emerge on the horizon.

As long as the 200-day SMA at 119.65 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