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

• EUR/JPY is regaining momentum following Monday’s pullback to 116.00.
• Further upside comes the 200-day SMA in the 120.20 zone.

EUR/JPY has regained some poise after Monday’s meltdown to the 116.00 neighbourhood, clinching at the same time new lows for the year.

The ongoing bullish attempt carries the potential to extend to the key 200-day SMA in the 120.20 region in case the buying interest intensifies.

While above the 200-day SMA, the downside pressure in the cross is expected to alleviate somewhat.

EUR/JPY daily chart