EUR/JPY Price Analysis: Recovery seen testing the 117.00 region

• EUR/JPY’s recovery moves further north of the 116.00 mark.
• Next interim target emerges at the short-term resistance line at 116.87.

EUR/JPY is extending the bounce off YTD lows in the mid-114.00s, managing to reclaim the 116.00 mark and beyond at the same time.

The ongoing recovery is expected to meet the next hurdle at the short-term resistance line near 116.90 ahead of May lows in the 117.80 region.

Above the latter, the selling pressure in the cross is predicted to subside somewhat.

EUR/JPY daily chart