EUR/JPY Price Analysis: Downside pressure alleviated above 124.00

• EUR/JPY bounces off lows and tests the mid-123.00s.
• The 100-day SMA around 124.00 emerges as the next target.

EUR/JPY rebounds from last week’s lows in the sub-123.00 area and manages to reclaim the 123.50 region on Monday.

In the meantime, while further pullbacks are not ruled out, a break above the 100-day SMA in the 124.00 neighbourhood should mitigate the selling pressure and allow for further upside to, initially, the monthly peaks just past 125.00 the figure.

Further losses are expected to accelerate if EUR/JPY breaks below last week’s lows in the 122.80 zone, exposing the key 200-day SMA, today at 121.40.

EUR/JPY daily chart