EUR/JPY Price Analysis: Stays close to 2020 highs near 122.80

• The bull run in EUR/JPY has gained renewed upside pressure.
• The rally now targets the 123.00 level and above.

EUR/JPY keeps pushing higher amidst the generalized better tone in the risk complex, managing well to keep business above the 122.00 mark so far this week.

The cross is resuming the upside after Tuesday’s new yearly highs in the 122.75/80 band. Immediately above emerges the 123.30 region, where sits July 2019 highs.

While above the 200-day SMA, today at 120.96, the outlook on the cross is expected to remain positive.

EUR/JPY daily chart