EUR/JPY Price Analysis: Next target remains at the 200-day SMA

• EUR/JPY keeps flirting with the 200-day SMA near 120.30.
• Further north emerges the monthly peaks near 121.50.

EUR/JPY has managed to regain some upside traction on Thursday, although a breakout of the 200-day SMA near 120.30 still remains elusive.

A breakout of this area should mitigate the downside pressure somewhat and re-shift the focus to the monthly tops in the mid-121.00s.

The resumption of the selling bias should initially target weekly lows around 119.40.

EUR/JPY daily chart