EUR/JPY Price Analysis: Upside still targets the 122.00 level

• EUR/JPY’s upside remains limited around the 122.00 zone.
• If cleared, the next hurdle up emerges at 124.43 (YTD tops, June 5).

EUR/JPY is now attempting some consolidation above 121.00 the figure following Monday’s failure to advance further north of the interim resistance at the 122.00 yardstick.

If the buying interest picks up pace and manages to clear the 122.00 area, then the yearly tops in the 124.40/45 band should emerge on the horizon.

As long as the 200-day SMA at 119.67 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