EUR/JPY Price Analysis: Rebound now targets the 200-day SMA

• EUR/JPY’s recovery is picking up extra pace on Friday.
• Immediately to the upside emerges the 200-day SMA at 1201.5.

Increasing selling pressure in the Japanese currency is lifting EUR/JPY to the vicinity of the 119.00 mark at the end of the week.

That said, the next target to the upside aligns at the 200-day SMA, today at 120.15 ahead of February’s peak in the 121.50 region.

Above the 200-day SMA, the downside pressure is expected to alleviate and allow for the continuation of the move up.

EUR/JPY daily chart