EUR/JPY Price Analysis: Corrective downside could test 122.87

• EUR/JPY comes under pressure following last week’s YTD highs.
• Immediately to the downside emerges the former 2020 high near 122.90.

EUR/JPY is navigating the second consecutive session with losses on Monday, coming under selling pressure after recording fresh YTD tops in the 124.40/45 band at the end of last week.

The cross remains well into the overbought territory (as per the daily RSI), opening the door to a deeper pullback.

That said, the next support of relevance emerges at the previous 2020 high at 122.87 seen on January 16.

EUR/JPY daily chart