EUR/JPY Price Analysis: Recovery lost momentum ahead of 121.50

• The sharp recovery in EUR/JPY run out of steam in the vicinity of 121.50.
• Further upside now targets the 2020 highs near the 123.00 mark.

Following two consecutive sessions posting strong gains, EUR/JPY is now losing some momentum amidst some JPY-buying.

If the buying bias gathers extra impetus, then the YTD high in levels just below 123.00 the figure (January 16^th) should emerge as the next target of relevance.

Above the key 200-day SMA, today at 120.38, the outlook on the cross is expected to remain positive.

EUR/PY daily chart