EUR/JPY Technical Analysis: Recovery could extend to the mid-121.00s near term

• EUR/JPY continues to rebound from recent lows in the 120.30 region and it is now flirting with fresh tops in the 121.00 neighbourhood.
• The next target on the upside emerges at the mid-121.00s, where sit October’s peaks. Further north is located the critical 200-day SMA just above 122.00 the figure.
• On the other hand, the 120.30 region is expected to hold occasional bearish attempts. This area of contention is reinforced by the 21-day SMA at 120.12 ahead of the 100-day SMA at 119.65.

EUR/JPY daily chart