EUR/JPY Price Analysis: Rebound now targets the 122.00 area

• EUR/JPY’s rebound to multi-day highs comes along the risk-on mood.
• Immediately to the upside emerges the key 122.00 hurdle.

EUR/JPY advances to multi-day peaks in well past the 121.00 yardstick at the beginning of the week, always on the back of the improved sentiment in the risk complex.

If bull manage to push higher, then the next hurdle of relevance will be at the mid-June tops in the 122.00 neighbourhood.

As long as the cross is above the 200-day SMA in the 119.60 region, the outlook on the cross is seen as constructive. This contention area is also reinforced by June’s lows in the 119.30 region.

EUR/JPY daily chart