EUR/JPY Price Analysis: Next on the upside appears 125.00

• EUR/JPY extends the rebound and tests the key 124.00 area.
• The monthly peaks just beyond 125.00 the figure comes up next.

EUR/JPY rebounds from last week’s lows in the sub-123.00 area and now flirts with the 124.00 zone, where sits the 100-day SMA.

If the buying pressure gathers extra steam, a break above this area should allow for further upside to, initially, re-visit the monthly peaks just past 125.00 the figure.

On the opposite side, losses are expected to accelerate if EUR/JPY breaks below last week’s lows in the 122.80 zone, exposing the key 200-day SMA, today at 121.43.

EUR/JPY daily chart