EUR/JPY Price Analysis: Next target remains at 122.00

• EUR/JPY is attempting to break out the consolidation near 121.00.
• The 200-day SMA near 119.60 offered decent contention so far.

Following a failed attempt to surpass the 121.00 mark last week, EUR/JPY has moved into a consolidation range, which is so far supported around the mid-119.00s.

While above the key 200-day SMA, today at 119.58, the outlook on the cross is seen as positive.

That said, the next target on the upside is located at the 122.00 neighbourhood ahead of the 2020 peak in the 124.40 zone.

EUR/JPY daily chart