EUR/JPY Price Analysis: Upside seen re-visiting 124.00 and beyond

• EUR/JPY climbs further north of the 123.00 level on Wednesday.
• Next on the upside is located the 2020 peak in the 124.40/45 band.

EUR/JPY is extending the weekly recovery to the area above 123.00 the figure on Wednesday.

Extra upside momentum is now expected to target the 2020 peaks beyond the 124.00 mark in the short-term horizon. If the buying impetus picks up pace, then the focus should shift to the May 2019 high at 125.23 (May 1).

As long as the 200-day SMA at 119.87 holds the downside, the outlook on the cross is seen as positive.

EUR/JPY daily chart