EUR/JPY Price Analysis: Extra upside targets the 2020 highs near 125.60

• EUR/JPY reverses the recent downside and re-tests 125.00.
• Immediately to the upside aligns YTD peaks in the 125.55/60 band.

EUR/JPY bounces off lows and manages to clinch 2-day tops beyond 125.00 the figure on Tuesday.

The underlying constructive view around the cross stays unchanged while above the 200-day SMA at 120.13. Against this, the next key hurdle emerges at the yearly high near 125.60 (August 6) ahead of the mid-127.00s, where sits the March 2019 high.

If sellers manage to impose their will, then EUR/JPY risks a visit to the so far monthly lows around the 124.00 mark (August 3).

EUR/JPY daily chart