EUR/JPY Price Analysis: Still targets the 123.00 region

• EUR/JPY met some tough resistance in the 122.60 zone.
• Immediately above emerges the YTD highs just below 123.00.

EUR/JPY is correcting lower on Thursday as sellers turned up in response to extreme overbought levels. Adding to the move lower, the sentiment in the risk universe is also entering into a pause-mode.

Despite the current knee-jerk, the main focus is still on the yearly tops just below 123.00 the figure recorded in mid-January.

While above the 200-day SMA at 119.33, the outlook on the cross is seen as positive. This view is reinforced as well as EUR/JPY keeps business above the 5-month support line, also in the 119.30 zone.

EUR/JPY daily chart