EUR/JPY Technical Analysis: Immediate target now emerges at 121.50

• EUR/JPY has resumed the upside on Thursday.
• Focus has now shifted to the mid-121.00s.

EUR/JPY has surpassed the initial barrier at the 120.30 – coincident with the 21-day SMA – and keeps pushing higher.

If the buying pressure gathers traction, the next relevant resistance emerges at October peaks in the mid-121.00s ahead of the critical 200-day SMA, today at 121.63.

In case sellers return to the market, the 119.63/24 band should come back to the fore, where coincide the 55-day and 100-day SMAs along with monthly lows.