EUR/JPY Price Analysis: Upside run out of steam near 121.00

• EUR/JPY has failed once again to surpass the 121.00 mark on Tuesday.
• Immediately to the upside emerges monthly peaks near 121.50.

EUR/JPY is suffering the increased JPY-buying amidst persistent demand for the safe haven universe, always in response to unabated fears around the Chinese coronavirus.

The key area remains the 120.30 level, where is located the 200-day SMA. Below it, the cross is expected to face increasing odds for a deeper retracement.

Against this backdrop, a move to the area of 2020 lows near 118.50 should not be ruled out in the short-term horizon.

EUR/JPY daily chart