EUR/JPY Price Analysis: Recovery targets 124.00 and above

• EUR/JPY gains further upside momentum beyond 123.00 on Tuesday.
• The 3-month resistance line emerges as the next interim hurdle.

EUR/JPY posts decent gains and adds to Monday’s advance above 123.00 the figure amidst the better tone in the risk complex.

The cross managed to regain attention after bottoming out in the 122.40 area on Monday, where also converges the 100-day SMA. Further upside looks likely and could initially extend to the 3-month resistance line in the 124.20 zone.

Above the 200-day SMA, today at 120.89, the outlook on the cross is expected to remain constructive.

EUR/JPY daily chart