EUR/JPY Technical Analysis: Target is now at the 2020 high near 122.00

• EUR/JPY is struggling for direction in the 121.60 area.
• The cross remains bid while above the 200-day SM, today at 121.00.

The improved sentiment in the risk-complex in combination with the unabated selling pressure in the yen have sustained the recent recovery in EUR/JPY to levels well above 121.00 the figure.

That said, and while above the 200-day SMA at 121.00, the cross is expected to keep the positive outlook unchanged.

Immediately above aligns the late December tops in the 122.50/65 band ahead of July’s top in the 123.30 region.

EUR/JPY daily chart