EUR/JPY Price Analysis: Interim resistance emerges around 123.00

• EUR/JPY’s upside momentum stalled just ahead of the 123.00 mark.
• Immediately to the upside turns up the YTD tops in the 124.40/45 band.

The rally in EUR/JPY met tough resistance in the 123.00 neighbourhood so far, or multi-week peaks.

Extra upside momentum is now expected to target the 2020 peaks beyond the 124.00 mark in the short-term horizon. Further north aligns the May 2019 high at 125.23 (May 1).

As long as the 200-day SMA at 119.85 holds the downside, the outlook on the cross is seen as constructive.

EUR/JPY daily chart