EUR/JPY Price Analysis: Upside stalled just ahead of 123.00

• The bull run in EUR/JPY met strong resistance near 123.00.
• Immediately above emerges the July 2019 high at 123.37.

The upside momentum in EUR/JPY appears to have run out of steam in the vicinity of the key barrier at 123.00 the figure, sparking some corrective downside on Friday.

If buyers regain the upper hand, then July 2019 high at 123.37 should emerge as the next key hurdle for the cross. Further up, there are no relevant hurdles until April 2019 top in the 126.80 zone.

While above the 200-day SMA at 120.93 the outlook on the cross is expected to remain bullish.

EUR/JPY daily chart