EUR/JPY Technical Analysis: Initial support emerged near 120.00

• EUR/JPY is reversing the downside and bounces off the 120.00 area.
• Immediately above aligns the 200-day SMA around 121.00.

The 4-day negative streak appears to have ended in the 120.00 neighbourhood, with EUR/JPY now managing to regain some shine on the back of the improved tone in the single currency while the demand for the safe haven JPY looks mitigated somewhat.

The next hurdle of relevance in case bulls regain the upper hand comes in around 121.00, where sits the critical 200-day SMA.

Further north aligns recent tops in the 122.55/65 band ahead of the peaks recorded during last summer in the 123.30 zone.