- EUR/JPY move up met initial hurdle at the 122.00 area.
- Further up emerges the 2020 high at 124.43 (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 124.40 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
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