EUR/JPY Price Analysis: A move to 121.00 is not ruled out

• EUR/JPY remains on the defensive although off weekly lows so far.
• Immediately to the downside emerges the March tops around 121.00.

EUR/JPY is down for the fourth session in a row on Wednesday following the rejection from new 2020 tops beyond 124.00 the figure recorded last Friday.

The cross has abandoned the overbought territory (as per the daily RSI) amidst increasing selling pressure and therefore still targets a probable move to March’s peaks in the 121.00 neighbourhood.

On the broader picture, will above the 200-day SMA, today at 119.44, the stance on the cross is expected to remain constructive.

EUR/JPY daily chart