EUR/JPY Price Analysis: Rebound could extend to 123.60

• EUR/JPY bounces off multi-week lows near 121.60.
• Further north comes in the 100-day SMA around 123.60.

EUR/JPY regains upside pressure and advances sharply well past the key barrier at 122.00 the figure amidst a generalized risk-on sentiment in the global markets.

The continuation of this uptrend should meet initial hurdle at the 100-day SMA in the 123.60 area ahead of another minor resistance at 124.30, where sits the 55-day SMA.

Looking at the broader scenario, while above the 200-day SMA at1 121.15, the outlook on EUR/JPY is expected to remain constructive.

EUR/JPY daily chart