EUR/JPY Price Analysis: Rebound now targets the 200-day SMA near 120.40

• EUR/JPY reverses recent pullbacks and regains the 120.00 mark.
• Immediately to the upside emerges the 200-day SMA around 120.40.

After bottoming out in so far weekly lows in the mid-119.00s, EUR/JPY has managed to grab some buying interest and retake the 120.00 mark and above.

The continuation of the bullish attempt should target the 200-day SMA, today at 120.34.

Above this key area, the downside pressure should be alleviated, opening the door for further gains to, initially, monthly peaks in the mid-121.00s.

EUR/JPY daily chart