EUR/JPY Technical Analysis: Recovery could extend to 121.50 and beyond

• EUR/JPY has reversed Wednesday’s moderate pullback and it has now regained the 121.00 neighbourhood on he back of renewed selling pressure around the yen.
• A convincing break above the mid-121.00s is needed to allow the cross to visit the 122.00 neighbourhood, where is located the critical 200-day SMA.
• 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 120.57.

EUR/JPY daily chart