EUR/JPY Price Analysis: Recovery eyes the 200-day SMA

• EUR/JPY adds to Tuesday’s bounce off the 119.60 area.
• Further upside now targets the critical 200-day SMA at 120.50.

EUR/JPY is prolonging the recovery after dropping and printing fresh 2020 lows in the 119.60/55 band on Tuesday.

Further upside should now focus on the key 200-day SMA in the mid-120.00s ahead of the February top at 120.65.

Above the 200-day SMA the outlook on the cross is expected to shift to positive (from bearish).

EUR/JPY daily chart