EUR/JPY Price Analysis: Upside remains capped by the 125.00 area so far

• EUR/JPY reverses Monday’s strong uptick above 125.00 the figure.
• This area is now expected to emerge as a solid resistance.

EUR/JPY came under some downside pressure following an auspicious start of the week.

EUR/JPY climbed and tested multi-week tops beyond 125.00 the figure at the beginning of the week, although the uptick lost vigour soon afterwards. A move past this level should put the 2020 highs in the 127.00 neighbourhood back on the radar.

Extra gains remain likely while above the key 200-day SMA at 121.23. This key contention area is also reinforced by the October lows around 121.60.

EUR/JPY daily chart