EUR/JPY Price Analysis: Upside stalled just ahead of 121.50

• EUR/JPY is now seeing some correction following the test of 121.00.
• Immediately to the upside emerges the February’s top near 121.50.

After printing multi-week tops beyond 121.00 the figure, EUR/JPY has now come under some selling pressure to the 120.40 region at the time of writing.

The cross has broken above the critical 200-day SMA in the 120.00 neighbourhood and in doing so it has opened the door for a potential move to, initially, the February’s peak near 121.50. Further up emerges the 2020 high near 122.90 (January 16^th).

As long as the 200-day SMA, today at 120.02, holds the downside, there is still scope for the continuation of the rally.

EUR/JPY daily chart